Question: The following were among transactions of Janieson Ltd during the financial years ending 30 June 2020.

1 March Janieson Ltd issues a 120-day bill of exchange made out to the South Bank to one of its accounts payable, Mr. John. The face value of the bill was $500,000 and the bill was issues at 10% p.a.

30 June Paid South Bank the amount due on the bill.

Required

Prepare general journal entries to record the above transactions. Assume 360 days in a year