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Record the transactions for Sheridan Co

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Question - The following are notes receivable transactions for Sheridan Co.:

May 1 Received a $16,000, six-month, 6% note from Jioux Company in settlement of an account receivable. Interest is due at maturity.

June 30 Accrued interest on the Jioux note, at Sheridan's year end. Adjustments are recorded annually.

July 31 Lent $1,200 cash to an employee, Noreen Irvine, receiving a two-month, 5% note. Interest is due at the end of each month.

Aug. 31 Received the interest due from Ms. Irvine.

Sept. 30 Received payment in full from Ms. Irvine.

Nov. 1 Jioux Company defaulted on its note. Sheridan does not expect to collect on the note.

Record the transactions for Sheridan Co. Sheridan Co. uses only one allowance account for both accounts and notes receivable.

Reference no: EM132878447

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