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(Choices for answers are posted below...) Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $19,400 and credit terms

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Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $19,400 and credit terms of 2/10, n/60. The merchandise had cost Mesa $13,231. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.

1(a)

Prepare entries that the buyer should record for the purchase.

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