Business, 28.06.2021 16:00 fay1016

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.
30 James Co. issued a 60-day, 5% note for $90,000 on account.
Aug. 29 James Co. paid the amount due.

Required:
Journalize the above transaction, 90,000 assuming a 360-day year is used for interest calculations.

Answers: 1

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June: 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost...

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