Sheridan Corporation's balance sheet at December $31,2021,$ is presented below.

During $2022,$ the following transactions occurred. Sheridan uses a perpetual inventory system.Sheridan paid $$230,300$ on accounts payable.

The prepaid insurance $($$$5,800)$ expired on July $31.$

On August $1,$ Sheridan paid $$13,200$ for insurance coverage from August $1,2022,$ through July $31,2023.$

Sheridan paid $$22,500$ sales taxes to the state.

Paid other operating expenses, $$89,300.$

Redeemed the bonds on December $31,2022,$ by paying $$50,880$ plus $$2,650$ interest.

Issued $$85,800$ of $8\%$ bonds on December $31,2022,$ at $103.$ The bonds pay interest every June $30$ and December $31.$

Adjustment data:

Recorded the insurance expired from item $6.$

The equipment was acquired on December $31,2021,$ and will be depreciated on a straight$-$line basis over $5$ years with a

$$2,800$ salvage value.Prepare journal entries for the transactions listed 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 O for the amounts. If no entry is

required, select $"$No entry" for the account titles and enter O for the amounts.$)$

No$.$ Account Titles and Explanation

Credit

$($To record sales revenue.$)($To record cost of goods sold.$)$

Sheridan paid $$2,650$ interest on the bonds on January $1,2022.$

Sheridan purchased $$243,500$ of inventory on account.

Sheridan sold for $$448,600$ cash inventory which cost $$248,900.$ Sheridan also collected $$26,916$ sales taxes.