Friday
March 27, 2015

Homework Help: accounting

Posted by ash on Monday, April 4, 2011 at 8:00pm.

Santa Fe Company purchased merchandise for resale from Mesa COmpany with an invoice price of $24,000 and credit terms of 3/10,n/60. The merchandise had cost Mesa $16,000. Santa Fe paid within the discount period. Prepare entries that Santa Fe Company should record for the merchandise purchase and the cash payment.

I'm not quite sure what to put in the entries. Do I include $16,000? or just the Price and purchase discount?
thanks in advance for the help!! =]

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting - Exercise 5-3 Analyzing and recording merchandise transactions-both ...
Principles of Accounting - Santa Fe Company purchased merchandise for resale ...
accounting - A company purchased $4,000 worth of merchandise. Transportation ...
FND 154 Fundamentals of Accounting - Harwick Company Exercise 5-2 1. on April 5...
accounting - BISHOP COMPANY Inv. No. Check Date Description Name or Date No. ...
accounting - Write the journal entries to record the following transactions. A) ...
accounting - The following transactions occurred during March 2009 for the ...
ashford - At the beginning of 2012, the Jeater Company had the following ...
Accounting - Redmon Company uses a sales journal, a purchases journal, a cash ...
accounting - Write the journal entries to record the following transactions. A) ...

Members