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Prepare entries that the buyer records for the purchase

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Reference no: EM132315498

Question

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.

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 $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method.

A. Record Santa Fe Retailing's purchase of merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000.

B. Record payment by Santa Fe within the discount period.

C. Record payment by Santa Fe after the discount period.

A-1

A. "Record Mesa Wholesaler's sale of merchandise "as is" (with no returns) to Santa Fe Retailing with credit terms of 3/10, n/60 and an invoice price of $24,000.

B. Record the cost of the goods sold to Santa Fe, $16,000.

C. Record Mesa's receipt of payment from Santa Fe within the discount period.

D. Record Mesa's receipt of payment from Santa Fe after the discount period.

Reference no: EM132315498

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