1. (3 points) Journalize the following entries on the books of the borrower and creditor. 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. Cost of the merchandise sold is $45,000. Jun. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due