ACC 100 Chapter 11: CHAPTER 11
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24 Feb 2021
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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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