Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of $3/10,$ n$/60$ and an invoice price of

$$22,900.$ The merchandise had cost Mesa $$15,618.$ Assume that both buyer and seller use a perpetual inventory system and

the gross method.

Prepare entries that the buyer records for the $($a$)$ purchase, $($b$)$ cash payment within the discount period, and $($c$)$ cash

payment after the discount period.

Prepare entries that the seller records for the $($a$)$ sale, $($b$)$ cash collection within the discount period, and $($c$)$ cash

collection after the discount period.

Complete this question by entering your answers in the tabs below.

Required $2$

Prepare entries that the seller records for the $($a$)$ sale, $($b$)$ cash collection within the discount period, and $($c$)$ cash collection after th

discount period.

Journal entry worksheet

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Record Mesa Wholesaler's sale of merchandise $"$as is$"($with no returns$)$ to

Santa Fe Retailing with credit terms of $\frac{3}{10},\frac{n}{60}$ and an invoice price of

$$22,900.$

Note: Enter debits before credits.