Exercise 4-7 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2 Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $15,100 and credit terms of 2/10, n/60. The merchandise had cost Mesa $10,298. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system. 1. Prepare the entries that Santa Fe should record for the above transactions. View transaction list Journal entry worksheet Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $15,100 and credit terms of 2/10, n/60. Note: Enter debits before credits. Transaction General Journal Debit Credit : Merchandise inventory 15,100 Accounts payable 15,100 Record entry Clear entry View general journal Journal entry worksheet