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Santa Fe Retalling purchased merchandise as Is (with no retuns) from Mesa Wholesalers with credit terms of 210, n/60 and an Involce price of $23,300.
Santa Fe Retalling purchased merchandise "as Is" (with no retuns) from Mesa Wholesalers with credit terms of 210, n/60 and an Involce price of $23,300. The merchandise had cost Mesa $15,891. Assume that both buyer and seller use a perpetual Inventory system and the gross method. 1. Prepare entrles that the buyer records for the (a) purchase, (b) cash payment within the discount perlod, and (c) cash payment after the discount period. 2 Prepare entrles that the seller records for the (a) sale, (b) cash collection within the discount perlod, and (c) cash collection after the discount period. Complete this question by entering your answers in the tabs below. Required 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. ew transaction lst Journal entry worksheet Record Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa wholesalers with credit terms of 2/10, n/60 and an invoice price of 523,300, Note: Enter debits before credits. Record entry Clear entry Mew general journal
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