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Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 210, n/60 and...

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Question

Accounting

Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 210, n/60 and an invoice price of $20,900.
The merchandise had cost Mesa $14,254. Assume that both buyer and seller use a periodic inventory system and the gross method.
Prepare entries that the buyer records for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment
after the discount period.
Prepare entries that the seller records for (a) the 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 buyer records for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment after the
discount period.
Journal entry worksheet
Record Santa Fe Retailing's purchase of merchandise "as is"(with no returns)
from Mesa Wholesalers with credit terms of 210,n60 and an invoice price of
$20,900.
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