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I want full explanatin(full calcaulation for each single one) the asnwers are correct but I need to know how to get them in each one
I want full explanatin(full calcaulation for each single one) the asnwers are correct but I need to know how to get them in each one
Requirement 1. Journalize the transactions in the Discount Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Mar. 1. 2018: Borrowed $405.000 from Margate Bank. The nine-year, 5% note requires payments due annually, on March 1. Each payment consists of $45.000 principal plus one year's interest Date Accounts Debit Credit 2018 Mar. 1 405,000 Cash Notes Payable 405,000 Credit Dec. 1. 2018: Mortgaged the warehouse for $450,000 cash with Sadler Bank The mortgage requires monthly payments of $4,000. The interest rate on the note is 8% and accrues monthly. The first payment is due on January 1, 2019. Date Accounts Debit 2018 Dec. 1 Cash 450,000 Mortgage Payable 450,000 Debit Credit Dec 31, 2018: Recorded interest accrued on the Sadler Bank note. Date Accounts 2018 Dec. 31 Interest Expense Interest Payable 2.250 2,250 Debit Credit Dec 31, 2018: Recorded interest accrued on the Margate Bank note Date Accounts 2018 Dec 31 Interest Expense Interest Payable 16,875 16,875 Jan 1, 2019: Paid Sadler Bank monthly mortgage payment Date Accounts Debit Credit 2019 Jan. 1 Interest Payable Mortgage Payable Cash 2.250 1,750 4,000 Debit Credit Feb 1, 2019: Paid Sadler Bank monthly mortgage payment. Date Accounts 2019 Feb. 1 Interest Expense Mortgage Payable Cash 2.241 1,750 4,000 Debit Credit Mar. 1, 2019: Paid Sadler Bank monthly mortgage payment Date Accounts 2010 Mar. 1 Interest Expense Mortgage Payable Cash 2,232 1,788 4,000 Debit Credit Mar. 1. 2018: Paid first installment on note due to Margate Bank. Date Accounts 2019 Mar. 1 Interest Expense Interest Payable Notes Payable Cash 3,375 16,875 45,000 65,250Step by Step Solution
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