Sandhill Company has a September 30 fiscal year end and prepares adjusting entries on an annual basis. The September 30, 2024, trial balance included the following selected accounts:

Accumulated depreciation

$4,550

Depreciation expense

0

Interest expense

3,100

Interest payable

0

Interest receivable

0

Interest revenue

Salaries expense

155,000

Salaries payable

0Additional information for its September 30, 2024, year-end adjustments:

1. Sandhill has a two-year, 4% note receivable for $48,000 that was issued on April 1, 2024. Interest is payable every six months, on October 1 and April 1. Principal is payable at maturity. Sandhill collected the correct amount on October 1, 2024.

2. Accrued salaries as at September 30, 2024, were $2,300. Payroll totalling $2,760 was paid on October 2, 2024.

3. Sandhill has a five-year, 5% note payable for $74,400 issued i 2022. Interest is payable quarterly on January 31, April 30, July 31, and October 31 each year. Sandhill paid the correct amounts in 2024.

4.

Depreciation expense for the year ended September 30, 2024, was $4,550.

Prepare reversing journal entries on October 1, 2024, as appropriate

Post reversing journal entries on October 1, 2024, as appropriate.

Prepare the journal entries to record the cash transactions that occurred in October 2024.

Post the journal entries to record the cash transactions that occurred in October 2024