Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest calculations.)Jun. 1Regis 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.Regis Co. (Borrower). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar.Jun. 1Jun. 30Aug. 29Winthrop Co. (Creditor). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar.Jun. 1Jun. 30Aug. 29

The journal entries are prepared to keep the record of day to day transactions of the business.

Journalize the following entries on the books of the borrower and creditor. (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 and creditor. (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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1EB: Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan...

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