Taos Company purchased merchandise for resale from Tuscon Company with an invoice price of $22,000 and credit terms of 3/10, n/60. The merchandise had cost Tuscon $15,000. Taos paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.
1.Prepare entries that the buyer should record for (a) the purchase and (b) the cash payment.
2.Prepare entries that the seller should record for (a) the sale and (b) the cash collection.
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