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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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