These are selected transactions of Sheridan Company. Sheridan prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $35,000, terms 2/10,n/30. (Sheridan uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, $35,000 note to Nunez in payment of account. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $13,000 in cash and signing a 10%, 3-month, $60,000 note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. . Borrowed $34,800 from the Paola Bank by issuing a 3-month, 8% note with a face value of $34.800. Dec. 1 Dec. 31 Recognized interest expense for 1 month on Paola Bank note. (a) Your answer is partially correct. Prepare journal entries for the listed transactions and events. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 2 Notes Payable 35000 Accounts Payable 35000 Feb. 1 V Accounts Payable 35000 Notes Payable 35000 Mar. 31 Interest Expense 525 Interest Payable 525 Apr. 1 V Notes Payable 35000 Interest Payable 525 Cash 35525 July 1 Equipment 73000 cas 13000 Notes Payable 60000 Sept. 30 Interest Expense 1500 Interest Payable 1500 Oct. 1 Notes Payable 60000 Interest Payable 1500 Cash 61500 Dec. 1 Cash 34800 Notes Payable 34800 Dec. 31 Interest Expense 232 Interest Payable 232 e Textbook and Media List of Accounts Save for Later Attempts: 3 of 5 used Submit Answer (b) Your answer is partially correct. Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (Post entries in the order of journal entries presented in the previous part.) Notes Payable 2/1 35000 7/1 60000 4/1 35000 10/1 60000 12/1 34800 Interest Payable QQ. d. Interest Expense IMA eTextbook and Media List of Accounts Save for Later Attempts: 1 of 5 used Submit Answer (c) Show the balance sheet presentation of notes and interest payable at December 31. Sheridan Company Balance Sheet (Partial) $ $ e Textbook and Media List of Accounts Save for Later Attem O of 5 used Submit Answer (d) What is total interest expense for the year? Total interest $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit