Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of $\frac{2}{10},\frac{n}{60}$ and an invoice price of $$24,100.$ The merchandise had cost Mesa $$16,436.$ 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.

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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.

Journal entry worksheet

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Record Santa Fe Retalling's purchase of merchandise $"$as is$"($with no returns$)$ from Mesa Wholesalers with credit terms of $\frac{2}{10},\frac{n}{60}$ and an invoice price of $$24,100.$

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[$a$,,,],[,,,]]$

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