Essay
Journalize the following entries on the books of the borrower and creditor. Label accordingly.
(Assume a 360-day year is used for interest calculations.)June 1Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. The cost of merchandise sold was $36,000.30Regis Co. issued a 60-day, 5% note for $60,000 on account.Aug. 29Regis Co. paid the amount due.?
Correct Answer:
Verified
Correct Answer:
Verified
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