27. Award: 10.00 points Problems? Adjust credit for all students. Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. 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. 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 Required 1 Required 2 No Transaction General Journal Debit Credit a1 Accounts receivable 24,000 Sales 24,000 2 a2 Cost of goods sold 16,000 Merchandise inventory 16,000 3 b Cash 23,280 Sales discounts 720 Accounts receivable 1 4 4 4 1 24,000 4 C Cash 24,000 Accounts receivable 24,000 Explanation: 1b: Cash [$24,000 x (100% - 3%)] = $23,280. 2b: Cash [$24,000 x (100% - 3%)] = $23,280