Exercise 5-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 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 $18,300. The merchandise had cost Mesa $12,481. 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 I y 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 View transaction list Journal entry worksheet < 1 2 3 4 Record 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 $18,300. Note: Enter debits before credits Transaction a-1 General Journal Debit Credit Record entry Clear entry View general journal Exercise 5-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 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 $18,300. The merchandise had cost Mesa $12,481. 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 View transaction list Journal entry worksheet < 1 2 3 4 Record the merchandise had cost Mesa $12,481. Note: Enter debits before credits Transaction a-2 Debit Credit General Journal Record entry Clear entry View general journal > Exercise 5-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 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 $18,300. The merchandise had cost Mesa $12,481. 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 View transaction list Journal entry worksheet < 1 3 4 Record cash received within discount period. Note: Enter debits before credits Transaction b General Journal Debit Credit Record entry Clear entry View general journal > Exercise 5-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 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 $18,300. The merchandise had cost Mesa $12,481. 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 View transaction list Journal entry worksheet < 1 2 3 4 Record cash received after discount period. Note: Enter debits before credits Transaction Debit Credit General Journal Record entry Clear entry View general journal < Required 1 Required 2 > > Exercise 5-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 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 $18,300. The merchandise had cost Mesa $12,481. 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 1 View transaction list Journal entry worksheet < 1 2 3 Record 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 $18,300. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Exercise 5-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 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 $18,300. The merchandise had cost Mesa $12,481. 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 t View transaction list Journal entry worksheet < 1 2 3 Record Santa Fe paid within the discount period. Note: Enter debits before credits Transaction b General Journal Debit Credit Record entry Clear entry View general journal > Exercise 5-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 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 $18,300. The merchandise had cost Mesa $12,481. 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 1 View transaction list Journal entry worksheet < 1 2 3 Record Santa Fe paid after the discount period. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal >