Journalize the following entries in the borrower's and creditor's books. (Assume a 360-day year is used for interest calculations.) Please refer to the Chart of Accounts for the exact wording of account titles. June 1 Regis Co. purchased merchandise on account of Winthrop Co., $60,000, terms n/30. The cost of merchandise sold was $36,000. 30 Regis Co. issued a 5% 60-day note for $60,000 on account. August 29 Regis Co. paid the amount due.

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Borrowers Books June 1 Merchandise Inventory Dr 60... View the full answer