November 15, 2016:

Ajax Corp., located in Regina, SK, purchased $10,000 of inventory, with terms n/45. Later that day, the company borrowed $45,000, at 9% simple interest, for 82 days, from Smiling Jims House of Loans. So far during November, employees earned a total of $8,500 in wages that have not been recorded and will be paid in the future. (ignore any/all payroll deductions for this item). RECORD TODAYS ENTRIES.

Journal entries