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November 26, 2014

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!! =]

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