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
James Co. purchased merchandise on account from O'Leary Co., $90,000, terms n/30.Jun. 30
James Co. issued a 60-day, 5% note for $90,000 on account.Aug. 29
James Co. paid the amount due.

Question

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
James Co. purchased merchandise on account from O'Leary Co., $90,000, terms n/30.Jun. 30
James Co. issued a 60-day, 5% note for $90,000 on account.Aug. 29
James 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
James Co. purchased merchandise on account from O'Leary Co., $90,000, terms n/30.Jun. 30
James Co. issued a 60-day, 5% note for $90,000 on account.Aug. 29
James Co. paid the amount due.​

Journalize the Following Entries on the Books of the Borrower