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Problem 10-02N (Part Level Submission) Sheridan Corporation sells rock dimbing products and also operates an Indoor climbing facility for climbing enthusiasts. During the last part
Problem 10-02N (Part Level Submission) Sheridan Corporation sells rock dimbing products and also operates an Indoor climbing facility for climbing enthusiasts. During the last part of 2022, Sheridan had the following transactions related to notes payable Sept. 1 issued a 114.00 note to Pippen to purchase inventory. The 3-month note payable bears Interest of 6% and is due December 1. (Sheridan uses a perpetual inventory system) Sept. 30 Recorded accrued Interest for the open note. 001 twed a $22,800,9%, 4 month note to Prime tank to finance the purchase of a new climbing wall for advanced climbers. The note le due February 1. Od. Recorded accrued interest for the Pippen note and the Prime Banknote. Nov. 1 wed a $30,000 note and paid $8,000 cach to purchase a vehide to transport dients to nearby dimbing sites as part of a new series of dining dases. This note bears interest of and matures in 12 months Nov. 30 Recorded accrued interest for the open note, the Prime Banknote, and the vidente, Dec. 1 Pald principal and interest on the Pippen note. Dec. 31 Recorded accrued interest for the Prime Banknote and the vehide note Show the balance sheet presentation of notes payable and interest payable at December 31. SHERIDAN CORPORATION Balance Sheet (Partial) CENNISTET NESTE
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