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:
Median
A statistic that represents the middle value in a given set of numbers when arranged in order, effectively dividing the data set into two halves.
Distribution
The process by which something is spread or dispersed over a certain area or among a group.
Mean
The average value in a set of numbers, determined by dividing the sum of all values by the count of numbers.
Distribution
The process of giving out something to multiple recipients, or the statistical arrangement of values within a dataset.
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