Sheridan Company has a September 30 fiscal year end and prepares adjusting entries on an annual basis. The trial balance included the following selected accounts: Accumulated depreciation Depreciation expense Interest expense Interest payable Interest receivable Interest revenue Salaries expense Salaries payable $3,850 0 3,300 0 0 0 153,000 0 Additional information for its September 30, 2021 year-end adjustments: 1. 2. 3. Sheridan has a two-year, 3.5% note receivable for $5,400 that was issued on April 1, 2021. Interest is payable every six months, on October 1 and April 1. Principal is payable at maturity. Sheridan collected the correct amount on October 1, 2021 Accrued salaries as at September 30, 2021 were $2,700. Payroll totalling $3,290 was paid on October 2, 2021. Sheridan has a five-year, 5% note payable for $79,200 issued in 2019. Interest is payable quarterly on January 31, April 30, July 31, and October 31 each year. Sheridan paid the correct amounts in 2021. Depreciation expense for the year ended September 30, 2021 was $3,850. -740 MI Prepare T accounts and record the September 30, 2021, balances. Salaries Expense Interest Expense Accumulated Depreciation e Textbook and Media Prepare adjusting journal entries for items 1 to 4 above. (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, eg. 5,275.) Post adjusting journal entries for items 1 to 4 above. (Post entries in the order of journal entries presented above. Round answers to o decimal places, eg. 5,275.) Interest Receivable Interest Revenue Salaries Payable Salaries Expense 153,000 Sept. 30 Bal. Interest Payable III Prepare entries to close these revenue and expense accounts. (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 5.275.) Account Titles and Explanation Date Sept. 30 Debit Credit (To close revenue account) Sept 30 (To close expense accounts) Post to the Taccounts. Note: Do not post to the income summary account. (Post entries in the order of journal entries presented above. Round answers to decimal places, eg. 5,275. For balances ending in select bal for the date and for the amount for the normal balance of the account.) Prepare reversing journal entries on October 1, 2021, as appropriate. (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, eg. 5,275.) Date Account Titles and Explanation Oct. 1 Debit Credit (To reverse interest adjusting entry) Oct. 1 (To reverse accrued salaries adjusting entry) Oct. 1 (To reverse accrued interest adjusting entry) Post reversing journal entries on October 1, 2021, as appropriate. (Post entries in the order of journal entries presented above. Round answers to 0 decimal places, eg. 5,275.) Prepare the journal entry to record the cash transactions that occurred in October 2021. (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 entero for the amounts. Round answers to decimal places, eg, 5,275.) Date Account Titles and Explanation Debit Credit Oct. 1 Oct. 2 Oct. 31 Post the journal entry to record the cash transactions that occurred in October 2021. (Post entries in the order of journal entries presented above. Round answers to decimal places, eg,5,275.) Interest Receivable Sheridan Company has a September 30 fiscal year end and prepares adjusting entries on an annual basis. The trial balance included the following selected accounts: Accumulated depreciation Depreciation expense Interest expense Interest payable Interest receivable Interest revenue Salaries expense Salaries payable $3,850 0 3,300 0 0 0 153,000 0 Additional information for its September 30, 2021 year-end adjustments: 1. 2. 3. Sheridan has a two-year, 3.5% note receivable for $5,400 that was issued on April 1, 2021. Interest is payable every six months, on October 1 and April 1. Principal is payable at maturity. Sheridan collected the correct amount on October 1, 2021 Accrued salaries as at September 30, 2021 were $2,700. Payroll totalling $3,290 was paid on October 2, 2021. Sheridan has a five-year, 5% note payable for $79,200 issued in 2019. Interest is payable quarterly on January 31, April 30, July 31, and October 31 each year. Sheridan paid the correct amounts in 2021. Depreciation expense for the year ended September 30, 2021 was $3,850. -740 MI Prepare T accounts and record the September 30, 2021, balances. Salaries Expense Interest Expense Accumulated Depreciation e Textbook and Media Prepare adjusting journal entries for items 1 to 4 above. (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, eg. 5,275.) Post adjusting journal entries for items 1 to 4 above. (Post entries in the order of journal entries presented above. Round answers to o decimal places, eg. 5,275.) Interest Receivable Interest Revenue Salaries Payable Salaries Expense 153,000 Sept. 30 Bal. Interest Payable III Prepare entries to close these revenue and expense accounts. (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 5.275.) Account Titles and Explanation Date Sept. 30 Debit Credit (To close revenue account) Sept 30 (To close expense accounts) Post to the Taccounts. Note: Do not post to the income summary account. (Post entries in the order of journal entries presented above. Round answers to decimal places, eg. 5,275. For balances ending in select bal for the date and for the amount for the normal balance of the account.) Prepare reversing journal entries on October 1, 2021, as appropriate. (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, eg. 5,275.) Date Account Titles and Explanation Oct. 1 Debit Credit (To reverse interest adjusting entry) Oct. 1 (To reverse accrued salaries adjusting entry) Oct. 1 (To reverse accrued interest adjusting entry) Post reversing journal entries on October 1, 2021, as appropriate. (Post entries in the order of journal entries presented above. Round answers to 0 decimal places, eg. 5,275.) Prepare the journal entry to record the cash transactions that occurred in October 2021. (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 entero for the amounts. Round answers to decimal places, eg, 5,275.) Date Account Titles and Explanation Debit Credit Oct. 1 Oct. 2 Oct. 31 Post the journal entry to record the cash transactions that occurred in October 2021. (Post entries in the order of journal entries presented above. Round answers to decimal places, eg,5,275.) Interest Receivable