Solved: Santa fe company purchased merchandise for resale from mesa, Accounting Basics

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Santa fe company purchased merchandise for resale from mesa

Problem

Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $23,100 and credit terms of 3/10, n/60. The merchandise had cost Mesa $15,754. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.

Prepare entries that the seller should record for the sale.

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Accounting Basics: Santa fe company purchased merchandise for resale from mesa

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Accounting Basics: Santa fe company purchased merchandise for resale from mesa

Reference No:- TGS02768602

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