Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $23,800. The merchandise had cost Mesa $16,232. 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. Complete this question by entering your answers in the tabs below. 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 No Transaction General Journal Debit Credit 1 a 23,800 Merchandise inventory Accounts payable 23,800 2 b 23,800 Accounts payable Merchandise inventory 714 Cash 23,086 3 Accounts payable 23,800 Cash 23,800 Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $23,800. The merchandise had cost Mesa $16,232. 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. Complete this question by entering your answers in the tabs below. 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 Accounts receivable 23,800 Sales 23,800 2 a-2 16,232 Cost of goods sold Merchandise inventory 16,232 3 b Cash 23,086 Sales discounts 714 Accounts receivable 23,800 4 Cash 23,800 Accounts receivable 23,800