Sheridan Company issued $311,500 of 7%, 10-year bonds on January 1, 2020, at face value. Interest is payable annually on January 1. 1.Prepare the journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021

on october 1, 2019, Island Jewelry company accepted a 4 -month, 10% note fot $2,400 in settlement of an overdue account receivable. Interest revenue was accrued thruogh december 31, 2019. island receives maturity value of the note at maturity. prepare the journal entry to record the collection.

On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3 month, non-interest-bearing note. THe note is discounted on a 12% basis. Make a journal entry to record the issurance of the note.

Journalizing installment notes On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. Account Debit Credit Cash Notes Payable Feedback 45,000 Interest Expense 0 Check My Work The cash payment is the same in each year. The interest and principal repayment, however, change each year. This is because the carrying amount (book value) of the note decreases each year as principal is repaid, which decreases the interest. Notes Payable Cash b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. Account Credit Debit 0 0 0 X V 0 0 0 X