Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest computations.) June 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. The cost of merchandise sold was $36,000. 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 computations.) June 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. The cost of merchandise sold was $36,000. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....
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Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest computations.)
June 1 | Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. The cost of merchandise sold was $36,000. |
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.
June 1 | fill in the blank 0fa28bf87f8205e_2 | fill in the blank 0fa28bf87f8205e_3 | |
fill in the blank 0fa28bf87f8205e_5 | fill in the blank 0fa28bf87f8205e_6 | ||
June 30 | fill in the blank 0fa28bf87f8205e_8 | fill in the blank 0fa28bf87f8205e_9 | |
fill in the blank 0fa28bf87f8205e_11 | fill in the blank 0fa28bf87f8205e_12 | ||
Aug. 29 | fill in the blank 0fa28bf87f8205e_14 | fill in the blank 0fa28bf87f8205e_15 | |
fill in the blank 0fa28bf87f8205e_17 | fill in the blank 0fa28bf87f8205e_18 | ||
fill in the blank 0fa28bf87f8205e_20 | fill in the blank 0fa28bf87f8205e_21 |
Winthrop Co. (Creditor). If an amount box does not require an entry, leave it blank.
June 1 | fill in the blank 72af97064fc4fed_2 | fill in the blank 72af97064fc4fed_3 | |
fill in the blank 72af97064fc4fed_5 | fill in the blank 72af97064fc4fed_6 | ||
June 1 | fill in the blank 72af97064fc4fed_8 | fill in the blank 72af97064fc4fed_9 | |
fill in the blank 72af97064fc4fed_11 | fill in the blank 72af97064fc4fed_12 | ||
June 30 | fill in the blank 72af97064fc4fed_14 | fill in the blank 72af97064fc4fed_15 | |
fill in the blank 72af97064fc4fed_17 | fill in the blank 72af97064fc4fed_18 | ||
Aug. 29 | fill in the blank 72af97064fc4fed_20 | fill in the blank 72af97064fc4fed_21 | |
fill in the blank 72af97064fc4fed_23 | fill in the blank 72af97064fc4fed_24 | ||
fill in the blank 72af97064fc4fed_26 | fill in the blank 72af97064fc4fed_27 |
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