Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest calculations.) Ignore the entry to record the cost of goods sold by the creditor. Refer to the Chart of Accounts for exact wording of account titles.

Jun. 1	James Co. purchased merchandise on account from OLeary Co., $90,000, terms n/30.
Jun. 30	James Co. issued a 60-day, 5% note for $90,000 on account.
Aug. 29	James Co. paid the amount due.