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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
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., $48,000, terms n/30. |
| Jun. 30 | Regis Co. issued a 90-day, 7% note for $48,000 on account. |
| Aug. 29 | Regis Co. paid the amount due. |
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Accounting Principles A Business Perspective
Authors: Roger H. Hermanson, James Don Edwards, Michael W. Maher
1st Edition
1680921851, 978-1680921854
