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28 Sep 2019
Santa Fe Company purchased merchandise for resale from MesaCompany with an invoice price of $19,700 and credit terms of 3/10,n/60. The merchandise had cost Mesa $13,435. Santa Fe paid withinthe discount period. Assume that both buyer and seller use aperpetual inventory system.
1a)
Prepare entries that the buyer should record for thepurchase.
1b)
Prepare entries that the buyer should record for the cashpayment
2(a)
Prepare entries that the seller should record for the sale
Santa Fe Company purchased merchandise for resale from MesaCompany with an invoice price of $19,700 and credit terms of 3/10,n/60. The merchandise had cost Mesa $13,435. Santa Fe paid withinthe discount period. Assume that both buyer and seller use aperpetual inventory system.
1a) | Prepare entries that the buyer should record for thepurchase.
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Irving HeathcoteLv2
28 Sep 2019