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Record sandhill entries related to the note on july

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Sandhill Financial Services loaned Sharp Inc. $120,000 cash in exchange for a one-year, 3% note on July 1, 2021. Interest is payable quarterly beginning on October 1, 2021. Sandhill has a December 31 year end and records adjusting entries annually.

Problem 1: Record Sandhill's entries related to the note on July 1 and October 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Problem 2: Prepare the adjusting journal entry for accrued interest on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Reference no: EM132804101

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