Prepare the journal entries to record the September transaction on the books of Thornton, Sheridan, and Orsini. Credit Thornton:
Sep.
To accrue interest income
Sep.
To record sale of note
Sheridan: To record sale of note
Sheridan:
Sep.
Orsini:
Sep.
For each company, indicate whether the transaction is a restructuring of troubled debt.
Thornton
Sheridan
OrsiniPrepare the journal entries to record the December transaction on the books of Sheridan and Orsini. 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 for the amounts. List all debit entries before credit entries.
Date
Account Titles and Explanation
Debit
Credit
Sheridan:
Dec.
To record accrued interest expense
Dec.
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 for the amounts. List all debit entries before credit entries.
