Brief Exercise 11-02Sheridan Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, one-year note payable.(a) Prepare the journal entry to record the proceeds of the note.(b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)No.DateAccount Titles and ExplanationDebitCredit(a) July 1Dec. 31 (b) July 1Dec. 31

Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Answered: Sheridan Company borrows $53,400 on…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.6P

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Brief Exercise 11-02

Sheridan Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, one-year note payable.

(a)		Prepare the journal entry to record the proceeds of the note.
(b)		Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

No.	Date	Account Titles and Explanation	Debit	Credit
(a)	July 1Dec. 31

(b)	July 1Dec. 31

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