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Journalize the following entries on the books of the borrower and the creditor (i.e. 2 sets of entries are required). Label accordingly. (Assume a 360-day year is used for interest calculations.)

Jun. 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30.
Jun. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account.
Aug. 29 Regis Co. paid the amount due.

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Accounting Basics, Accounting

Category:- Accounting Basics
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