Dog -buyer and seller LO P1, P2Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and aninvoice price of $29,300. The merchandise had cost Mesa $19,983. Assume that both buyer and seller use a perpetual inventorysystem 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 thediscount period.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after thediscount period.View transaction listJournal entry worksheet123 4Record Santa Fe Retailing purchased merchandise "as is" (with no returns)from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of$29,300.>

Name: Dog -buyer and seller LO P1, P2Santa Fe Retailing purchased merchandis
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Dog -buyer and seller LO P1, P2Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and aninvoice price of $29,300. The merchandise had cost Mesa $19,983. Assume that both buyer and