RECOMMENDED!!ACCT 201-These transactions took place for Sheridan Company
Exercise 8-11These transactions took place for Sheridan Company2016May 1 Received a $4,500, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney.Dec. 31 Accrued interest revenue on the R. Stoney note.2017May 1 principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2016.)Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(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 CreditThis problem has space for three different entries for three different dates but the last date has four spaces for account titles and explanations.
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