Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of $\frac{2}{10},\frac{n}{60}$ and an invoice price of $$16,200.$ The

merchandise had cost Mesa $$11,048.$ 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

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Record Santa Fe Retailing'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

$$16,200.$

Note: Enter debits before credits.