Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $16,100. The merchandise had cost Mesa $10,980. 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 (c) cash payment after the discount period. 2. 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. 2(part) question. My numbers are mostly incorrect and there is a (HINT) that Santa fe purchased merchandise with credit terms 3/10 and n60 with a invoice of 40,000 and that the merchandise had a cost of 22,000

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 the discount period. View transaction list View journal entry worksheet x No Transaction General Journal Debit Credit 1 a-1 24,600 Accounts receivable Sales 24.600 2 a-2 16,100 Cost of goods sold Merchandise inventory 16.100 3 b Cash 23,862 738 Sales discounts Accounts receivable 24,600 4 Cash 24.600 Accounts receivable 24.600 Required 1 Required 2 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. View transaction list View journal entry worksheet x No Transaction General Journal Debit Credit 1 a 16,100 Merchandise inventory Accounts payable 16.100 2 2 b 24,600 Accounts payable Merchandise inventory Cash 738 23,862 3 24,600 Accounts payable Cash 24,600 (Required 1 Required 2 >