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 Jun 30 Aug 29 James Co. purchased merchandise on account from O'Leary Co., $90,000, terms n/30 James Co. issued a 60-day, 5% note for $90,000 on account. James Co, paid the amount due. . ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 525 Delivery Expehse 526 Repairs Expense 531 Rent Expense 533 Insurance Expense 125 Office Equipment 126 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Pavahle 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 538 Cash Short and Over 539 Product Warranty Expense 541 Depreciation Expense Building 542 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Experta 220 Medical Insurance Payable 221 Retirement Savings Deductions Payable 222 Union Dues Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 228 Product Warranty Payable EQUITY 310 Common Stock 311 Retained Earnings EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary CHART OF ACCOUNTS O'Leary Co. General Ledger ASSETS 110 Cash 11 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold UT Accounts-O'Leary Co. 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 520 Salaries Expense 525 Delivery Expense 526 Repairs Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 538 Cash Short and Over 539 Product Warranty Expense 541 Depreciation Expense-Buildina LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Pavahle 228 Product Warranty Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Journalize the entries on the books of the borrower. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT Journakze the entries on the books of the creditor 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. PAGE 1 JOURNAL DESCRIPTION POST. REF. DEBT CREDIT