Sheridan Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly 1. 2 3 The company has a 6% 59,000 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 camed $270 Interest on its investments. The bank deposited this amount in Sheridan's cash account on April 1 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 S220 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.) 4. 5. 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 -75 TO wave an ex Ma 1 31 1 M 2 2 31 31