Journalize the following entries on the books of the borrower and creditor.Label accordingly.Assume a 360-day year is used for interest calculations.
Jun.1 Regis Co.purchased merchandise on account from Winthrop Co.,$60,000,terms n/30.
Jun.30 Regis Co.issued a 60-day,5% note for $60,000 on account.
Aug.29 Regis Co.paid the amount due.

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The Answer of Journalize the following entries on the books of the borrower and creditor.Label accordingly.Assume a 360-day year is used for interest calculations.
Jun.1 Regis Co.purchased merchandise on account from Winthrop Co.,$60,000,terms n/30.
Jun.30 Regis Co.issued a 60-day,5% note for $60,000 on account.
Aug.29 Regis Co.paid the amount due.

Journalize the Following Entries on the Books of the Borrower