2 Prepare the entries that Mesa should record for the above

2. Prepare the entries that Mesa should record for the above transactions. View transaction list Journal entry worksheet 2 3 Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $19,300 and credit terms of 2/10, n/60. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Solution

Journal entry :

No	accounts & explanation	debit	credit
1	Account receivable	19300
	Sales revenue		19300
	(To record sales)
2	Cost of goods sold	13163
	Merchandise inventory		13163
	(To record cost of goods sold)
3	Cash (19300*98%)	18914
	Sales discount	386
	Account receivable		19300
	(To record amount received)