Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $21,000. The merchandise had cost Mesa $14,322 Assume that both buyer and seller use a perpetual inventory system and the gross method 1. Prepare entries that the buyer records for the (a) purchase. (b) cash payment within the discount period, and (d) cash payment after the discount period 2. Prepare entries that the seller records for the (a) sale (6) cash collection within the discount period, and (a cash collection after the discount period Complete this question by entering your answers in the tabs below. Required Required 2 Prepare entries that the buyer records for the () purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period View transaction list Journal entry worksheet 1 2 3 Record Santa Fe Retailing's purchase of merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $21,000. Note: Enter debits before credits Transaction General Journal Debit Credit a Accounts payable Accounts receivable Accumulated depreciation Building Cash Record en Cost of goods sold View general Journal Journal entry worksheet Record payment by Santa Fe after the discount period. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection discount period. View transaction list Journal entry worksheet Record Mesa Wholesaler's sale of merchandise "as is" (with no returns) to Santa Fe Retailing with credit terms of 2/10, 1/60 and an invoice price of $21,000 Note: Enter debits before credits Transaction General Journal Debit Credit a-1 Required 1 Required 2 Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collect discount period. View transaction list Journal entry worksheet Record the cost of the goods sold to Santa Fe, $14,322 Note: Enter debits before credits Transaction General Journal Debit Credit a-2 Required 1 Required 2 Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after discount period View transaction list Journal entry worksheet 2 8 4 Record Mesa's receipt of payment from Santa Fe within the dis unt period Note: Enter debits before credits Transaction General Journal Debit Credit b Required 1 Required 2 Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash colle discount period. View transaction list Journal entry worksheet
