Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of $\frac{3}{10},\frac{n}{60}$ and an invoice price of $$24,000.$ The merchandise had cost Mesa $$16,000.$ 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.

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

$1$

$2$

$3$

Record Santa Fe Retailing's purchase of merchandise $"$as is$"($with no returns$)$ from Mesa Wholesalers with credit terms of $\frac{3}{10},\frac{n}{60}$ and an invoice price of $$24,000.$

Note: Enter debits before credits.

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