Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, 1/60 and an invoice price of $20,800. The merchandise had cost Mesa $14.186. Assume that both buyer and seller use a periodic Inventory system and the gross method 1. Prepare entries that the buyer records for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for (a) the 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 1 Required 2 Prepare entries that the buyer records for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. View transaction list Journal entry worksheet > Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10,n/60 and an invoice price of $20,800. The merchandise had cost Mesa $14.186. Assume that both buyer and seller use a periodic Inventory system and the gross method. 1. Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for (a) the 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 1 Required 2 Prepare entries that the buyer records for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. View transaction list Journal entry worksheet Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10,n/60 and an involce price of $20,800. The merchandise had cost Mesa $14,186. Assume that both buyer and seller use a periodic Inventory system and the gross method. 1. Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for (a) the 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 1 Required 2 Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. View transaction list Journal entry worksheet Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, 1/60 and an involce price of $20.800. The merchandise had cost Mesa $14186. Assume that both buyer and seller use a periodic Inventory system and the gross method 1. Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the discount perfod, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for (a) the 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 1 Required 2 Prepare entries that the seller records for (a) the sale. (b) cash collection within the discount period, and (c) cash collection after the discount period View transaction list Journal entry worksheet 2 3 Record Mesa Wholesaler's sale of merchandise "as is" (with no returns) to Santa Fe Retailing with credit terms of 3/10, n/60 and an invoice price of $20,800. Note: Enter debits before credits Debit General Journal Transaction Credit Record entry Clear entry View general journal Record Mesa's receipt of payment from Santa Fe within the discount period. Note: Enter debits before credits Transaction General Journal Debit Credit b. Record entry Clear entry View general journal