Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $16,800. The merchandise had cost Mesa $11,458. 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 afterthe 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.

  

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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. View transaction list Journal entry worksheet < 1 2 Record Santa Fe Retailing's purchase of merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $16,800. Transaction a 3 Note: Enter debits before credits. General Journal Debit Credit 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. View transaction list Journal entry worksheet < 1 2 Record Santa Fe Retailing's purchase of merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $16,800. Transaction a 3 Note: Enter debits before credits. General Journal Debit Credit

Answer rating: 100% (QA)

Required 1 Date Particulan A Inventory B In books of buger Acco... View the full answer