604 chapter 11 USD > Problems Group A reporting them on the balance Learning Objectives 1,5 P11-31A Journalizing liability transactions and reporting sheet The following transactions of Smith Pharmacies occurred du. Pharmacies occurred during 2016 and 2017 1. Mar 1, 2017, Mortgage Payable DR $4.710 2. Total Liabilities $345,998 7% note requires payments due pal plus one year's interest Sawyer Bank. The mortgage requires he note is 11% and accrues monthly 2016 Mar 1 Borrowed $240,000 from Naples Bank. The eight-year, 7% note ren annually, on March 1. Each payment consists of $30,000 Dec. 1 Mortgaged the warehouse for $ 150,000 cash with Sawyer Bank. The monthly payments of $6,000. The interest rate on the note is 11% and accr The first payment is due on January 1, 2017. 31 Recorded interest accrued on the Sawyer Bank note. 31 Recorded interest accrued on the Naples Bank note. 2017 Jan. 1 Paid Sawyer Bank monthly mortgage payment. Feb. 1 Paid Sawyer Bank monthly mortgage payment. Mar. 1 Paid Sawyer Bank monthly mortgage payment. 1 Paid first installment on note due to Naples Bank Requirements 1. Journalize the transactions in the Smith Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required. 2. Prepare the liabilities section of the balance sheet for Smith Pharmacies on March 1, 2017 after all the journal entries are recorded. P11-32A Analyzing, journalizing, and reporting bond transactions Rahe Hamb.. " Learning Objectives 2, 3