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Exercise 6.10 (Algo) Cash Discounts (LO6-6) Golf World sold merchandise to Mulligans for $74,000, offering terms of 1/15,n/30. Mulligans paid for the merchandise within the discount period. Both companies use perpetual inventory systems. o. Prepare journal entries in the accounting records of Golf World to account for this sale and the subsequent collection. Assume the original cost of the merchandise to Golf World had been $48,100. b. Prepare joumal entries in the accounting records of Mulligans to account for the purchase and subsequent payment. Mulligans records purchases of merchandise at net cost. c. Assume that, because of a change in personnel, Mulligans falled to pay for this merchandise within the discount period. Prepare the Journal entry in the accounting records of Mulligans to record payment after the discount period. Journal entry worksheet Record the sale of merchandise on account to Mulligans. Note: Enter debits before credits. Journal entry worksheet Record the entry to recognize the cost of goods sold relating to the sale to Mulligans. Note: Enter debits before credits. Journal entry worksheet Record the collection of account receivable from Mulligans within the discount period. Note: Enter debits before credits. Journal entry worksheet Record the purchase of merchandise from Golf World. Note: Enter debits before credits. Journal entry worksheet Record the payment of account payable to Golf World within the discount period. Note: Enter debits before credits. Journal entry worksheet Record the payment of account payable to Golf World and loss of purchase discount due to failure to pay within discount period. Note: Enter debits before credits