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Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $28,600 and credit terms of 2/10. n/60. The merchandise had
Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $28,600 and credit terms of 2/10. n/60. The merchandise had cost Mesa $19,505. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system. Prepare entries that the buyer should record for the purchase. Prepare entries that the buyer should record for the cash payment
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