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These are selected transactions of Sheridan Company. Sheridan prepares financial statements quarterly. Jan. Feb. Mar. Apr. July Sept. Oct. Dec. Dec. (a) 2 1 31 1 1 30 1 Purchased merchandise on account from Nunez Company, $35,000, terms 2/10, n/30. (Sheridan uses the perpetual inventory system.) Issued a 9%, 2-month, $35,000 note to Nunez in payment of account. 1 Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. Paid face value and interest on Marson note. Borrowed $34,800 from the Paola Bank by issuing a 3-month, 8% note with a face value of $34,800. 31 Recognized interest expense for 1 month on Paola Bank note. Purchased equipment from Marson Equipment paying $13,000 in cash and signing a 10%, 3-month, $60,000 note. Accrued interest for 3 months on Marson note. Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is
Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part.) Notes Payable Interest Payable
eTextbook and Media List of Accounts Save for Later Interest Expense Attempts: 0 of 5 used Submit Answer
Show the balance sheet presentation of notes and interest payable at December 31. eTextbook and Media Sheridan Company Balance Sheet (Partial) $ V $
(d). What is total interest expense for the year? Total interest $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer