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Print Item Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest computations.) June 1
Print Item Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest computations.) June 1 James Co. purchased merchandise on account from O'Leary Co., $90,000, terms n//30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60 -day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due. James Co. (Borrower). If an amount box does not require an entry, leave it blank. June 1 June 30 Aug. 29 O'Leary Co. (Creditor). If an amount box does not require an entry, leave it blank. June 1 All work saved
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