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Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $24,000 and credit terms of 3/10, 1/60. The merchandise had

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Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $24,000 and credit terms of 3/10, 1/60. The merchandise had cost Mesa $16.000 Santa Fe paid within the discount period Prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used by both the buyer and the seller BUYER - Santa Fe Company

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