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Question
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. |
Answer
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