(Answered) Problemsanta fe company purchased merchandise for resale

Accounting

Problem

Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $23,100 and credit terms of 3/10, n/60. The merchandise had cost Mesa $15,754. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.

Prepare entries that the seller should record for the sale.

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