On June $1,$ Sheridan Company borrows $$58,000$ from the bank by signing a $60-$day, $9\%,$ interest$-$bearing note.

Prepare the necessary entries below associated with the note payable on the books of Sheridan.

$($a$)$

Your answer has been saved. See score details after the due date.

Prepare the entry on June $1$ when the note was issued. $($Credit account titles are automatically indented when the amount is entered.

Do not indent manually. List debit entry before credit entry. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the

amounts.$)$

Date Account Titles and Explanation

Debit

Credit

June $1$

Cash

Notes Payable

Attempts: $1$ of $1$ used

$($b$)$

Your answer has been saved. See score details after the due date.

Prepare any adjusting entries necessary on June $30$ in order to prepare the monthly financial statements. Assume no other

interest accrual entries have been made. Calculate the interest expense on monthly basis. $($Credit account titles are automatically

indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select $"$No Entry"

for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

June $30$

Interest Expense

Interest Payable

Attempts: $1$ of $1$ used

$($c$)$

Prepare the entry to record payment of the note at maturity. Calculate the interest expense on monthly basis. $($Credit account titles

are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is

required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

July $31$

Notes Payable