Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of $3/10,$ n$/60$ and an invoice price of $$26,200.$ The merchandise had cost Mesa $$17,868.$ Assume that both buyer and seller use a periodic inventory system and the gross method.

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.

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.