Taos Company purchased merchandise for resale from Tuscon Company with an invoice price of $22,000 and credit terms of 3/10, n/60. The merchandise had cost Tuscon $15,000. Taos paid within the discount period

Prepare general journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used by both the buyer and the seller.

One for the Buyer and one for the seller

There should be three entries for each one