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Santa Fe Retalling purchased merchandise from Mesa Wholesalers with credit terms of 20, n/60 and an invoice price of $25,800. The merchandise had cost Mesa
Santa Fe Retalling purchased merchandise from Mesa Wholesalers with credit terms of 20, n/60 and an invoice price of $25,800. The merchandise had cost Mesa $17,596. Assume that both buyer and selier use a perpelual inventory system and the gross method. 1. Prepare entres that the buyerrecords for the (d) purchase, () cash payment within the discount periodi and (c) cash payment afer the discount period. 2. Prepare entries that the selier records for the ( sole, (b) cash coliection within the discount period, and (d cash colection 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 whin the discount period, and (c) cash payment after the discount period. Journal entry worksheet Record Santa Fe Retailing's purchase of merchandise "as is" (with no returns) from Mess Wholesalers with credt terms of 2/10,N/60 and an invoice price of 125,600 . Nuce toser dedute tefore eredits
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