Jurnalize the following entries on books of borrower and

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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 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.

Reference no: EM13389768

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