Using the information in Exercise 6, and assuming instead a periodic inventory system:a. Prepare the entries that the purchaser should record for the purchase and payment.b. Prepare the entries that...

Using the information in Exercise 6, and assuming instead a periodic inventory system: a. Prepare the entries that the purchaser should record for the purchase and payment. b. Prepare the entries that the seller should record for the sale and collection. In Exercise 6 On March 1, 2014, Sundown Company purchased merchandise for resale from Raintree with an invoice price of $10,000 and credit terms of 3/10, n/60. The merchandise had cost Raintree $8,000. Sundown paid on March 11. Assume that both the buyer and seller use perpetual inventory systems. View Solution:

Using the information in Exercise 6 and assuming instead a