These transactions took place for Sheridan Company 2021 May 1 Dec. 31 Received a $4,500, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) 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 May 1, 2021 Dec. 31, 2021 May 1, 2022 Debit Credit
These transactions took place for Sheridan Company 2021 May 1 Dec. 31 Received a $4,500, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Accrued interest revenue on the R. Stoney note. 2022 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) 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 May 1, 2021 Dec. 31, 2021 May 1, 2022 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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only typed solution
Transcribed Image Text:These transactions took place for Sheridan Company
2021
May
1
Dec.
31
Received a $4,500, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney.
Accrued interest revenue on the R. Stoney note.
2022
May 1
Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.)
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
May 1, 2021
Dec. 31, 2021
May 1, 2022
Debit
Credit
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