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Exercise 5-3 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2
Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $16,000 and credit terms of 3/10, n/60. The merchandise had cost Mesa $10,912. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.
1(a)
Prepare entries that the buyer should record for the purchase.
Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $16,000 and credit terms of 3/10, n/60. The merchandise had cost Mesa $10,912. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.
1(a)
Prepare entries that the buyer should record for the purchase.
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