On June 2, Ross Company borrowed money from the Bluetree Bank and issued the following note payable.

Principal

$50,940.00

Rate

8%

Term

30 Days

Required:

Journalize Ross Company's transactions to record the issuance and payment of the note on July 2.

Notes:

To simplify the arithmetic, use 360 days in a year (round your responses to the nearest cent).

Assume that no interest has been accrued prior to payment.