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Sheridan financial Services loaned Sharp Inc. $100,000 cash in exchange for a one year, 5% note on July 1, 2021. Interest is puyable quarterly beginning
Sheridan financial Services loaned Sharp Inc. $100,000 cash in exchange for a one year, 5% note on July 1, 2021. Interest is puyable quarterly beginning on October 1, 2021. Sheridan has a December 31 year end and records adjusting entries annually. Record Sheridan's entries related to the note on July 1 and October 1, 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 enter for the amounts. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit (Lend cash in exchange for a note) Collect interest earned)
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