Question: CSISZU145 - / 10 Current Attempt in Progress The following are notes receivable transactions for Sheridan Co: May 1 June 30 Received a $16,000, six-month,
CSISZU145 - / 10 Current Attempt in Progress The following are notes receivable transactions for Sheridan Co: May 1 June 30 Received a $16,000, six-month, 6% note from Joux Company in settlement of an account receivable Interest is due at maturity Accrued interest on the Sioux note, at Sheridan's year end. Adjustments are recorded annually Lent $2,400 cash to an employee, Noreen Irvine, receiving a two-month 5% note interest is due at the end of each month July 31 Aug. 31 Received the interest due from Ms. Irvine Sept. Received payment in full from Ms. Irvine.. 30 Nov. 1 Jioux Company defaulted on its note. Sheridan does not expect to collect on the note Record the transactions for Sheridan Co. Sheridan Courses only one allowance account for both accounts and notes receivable Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select 'No Entry for the account titles and enter for the amounts. Round answers to decimal places, es 50276. Record journal entries in the order presented in the oblem 2 Partly clo
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
