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 James Co. purchased merchandise on account from O'Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000.
30James Co. issued a 60-day, 5% note for $90,000 on account.Aug.
29James Co. paid the amount due.?

Question

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 James Co. purchased merchandise on account from O'Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000.
30James Co. issued a 60-day, 5% note for $90,000 on account.Aug.
 29James Co. paid the amount due.?

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The Answer of 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 James Co. purchased merchandise on account from O'Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000.
30James Co. issued a 60-day, 5% note for $90,000 on account.Aug.
 29James Co. paid the amount due.?

Journalize the Following Entries on the Books of the Borrower