accounting

posted by .

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!! =]

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting urgent

    Prepare the journal entries to record the following transactions on Panther Company‚Äôs books using a perpetual inventory system. (For multiple debit/credit entries, list accounts in order of magnitude.) (a) On March 2 Panther Company …
  2. Accounting

    Redmon Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of June. June 1 Purchased $8,100 of merchandise on …
  3. accounting

    BISHOP COMPANY Inv. No. Check Date Description Name or Date No. Terms Amount Mar. 1 Received merchandise and invoice Soy Industries Mar. 1 2/15, n/30 42,600 2 Merchandise sold (cost $7,900) Min Cho 854 2/10, n/30 15,800 3 Purchased …
  4. accounting

    A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $250 worth of merchandise and paid the invoice within the 2% cash discount period. What is the total amount paid …
  5. accounting

    Write the journal entries to record the following transactions. A) Sold merchandise on account, $11,000, terms 2/10, net 30. The cost of merchandise sold was $8,000 (2 entries required). B) Issued a credit memorandum for $500 to the …
  6. accounting

    Write the journal entries to record the following transactions. A) Purchased $4,900 of merchandise from a supplier on account, terms FOB shipping point, 1/10, n/30, transportation charges of $80 were added to the invoice. B) Received …
  7. FND 154 Fundamentals of Accounting

    Harwick Company Exercise 5-2 1. on April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. on April 6, paid freight costs of $900 on merchandise purchased from Botham. 3.on April 7, …
  8. accounting

    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 …
  9. Principles of Accounting

    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. Prepare entries that the buyer should record for the purchase
  10. accounting

    Prepare the journal entries for each transaction. Post to the ledger and prepare a trial balance. May 2 Purchased merchandise on account from Wendy Supply Co. P10,000 terms, 2/10,n/30 3 Sold merchandise for P4,500 terms P500 down balance …

More Similar Questions