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Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $28,400 and credit terms of 3/10, n/60. The merchandise had

Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $28,400 and credit terms of 3/10, n/60. The merchandise had cost Mesa $19,369. 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.

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