Print Item Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) James Co. purchased merchandise on account from O'Leary Co., $90,000, terms n/30. The cost of June 1 merchandise sold was $54,000. June 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. When required, round your answers to the nearest dollar Jun. 1 Merchandise Inventory Accounts Payable Jun. 30 Accounts Payable Notes Payable 90,000 90,000 V 90,000 90,000 Aug. 29 Notes Payable 90,000 Interest Expense 750 Cash 90,750 Feedback Check My Work Correct O'Leary Co. (Creditor). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Accounts Receivable Jun. 1 Sales