Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Dd.29.

Winthrop Co. (Creditor). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar.
Jun. 1
Jun. 1
Jun. 30
Aug. 29
0 000
0 0 0.000
Transcribed Image Text:Winthrop Co. (Creditor). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Jun. 1 Jun. 1 Jun. 30 Aug. 29 0 000 0 0 0.000
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 1
Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. The cost of
merchandise sold was $36,000.
June 30
Aug. 29
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. 1
Jun. 30.
Regis Co. issued a 60-day, 5% note for $60,000 on account.
Regis Co. paid the amount due.
Aug. 29
100 00
0 0000
Winthrop Co. (Creditor). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar..
Jun, 1
Transcribed Image Text: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 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. The cost of merchandise sold was $36,000. June 30 Aug. 29 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. 1 Jun. 30. Regis Co. issued a 60-day, 5% note for $60,000 on account. Regis Co. paid the amount due. Aug. 29 100 00 0 0000 Winthrop Co. (Creditor). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar.. Jun, 1
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