Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.)
Definitions:
Interval Data
A type of data that not only categorizes variables but also quantifies the differences between these categories, where the intervals between values are interpretable.
Ratio Data
A type of quantitative data that not only offers order and equal intervals between values but also has a natural zero point, enabling ratios to be calculated.
Nominal Data
Data categorized into distinct groups without any inherent order or ranking among the categories.
Specified Measure
A particular metric or standard defined for the purpose of evaluation, assessment, or calculation within a given context.
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