1. 2. Sheridan Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly. The company has a 6%, $9,000 bank loan payable due in one year. Interest is payable on the first day of each following month and was last paid on March 1. At the end of March, the company earned $270 interest on its investments. The bank deposited this amount in Sheridan's cash account on April 1. 3. Sheridan has five employees who each earn $200 a day. Salaries are normally paid on Mondays for work completed Monday through Friday of the previous week. Salaries were last paid on Monday, March 29. March 31 falls on a Wednesday this year. Salaries will be paid next on Monday, April 5. At the end of March, the company owed the utility company $590 and the telephone company $220 for services received during the month. These bills were paid on April 10. (Hint: Use the Utilities Expense account for the utility and telephone services.) At the end of March, Sheridan has earned service revenue of $2,830 that it has not yet billed. It bills its clients for this amount on April 4. On April 30, it collects $2,050 of this amount due. 4. 5. For each of the above situations, prepare the journal entry to record the subsequent cash transaction in April. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit No. Date Account Titles and Explanation Apr. 1. 1 1. 2. Apr. 1 3. Apr. 5 I Apr. 10 Apr. 5. 4 Apr. 30