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Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest calculations.) Jun. 1 Regis
Journalize the following entries on the books of the borrower and creditor. (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. Regis Co. (Borrower). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Jun. 1 Jun. 30 Aug. 29 Winthrop Co. (Creditor). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Jun. 1 Jun. 30 Aug. 29
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