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it is my second post of this question. Can someone help me and share the answers and steps for how to get them? The following
it is my second post of this question. Can someone help me and share the answers and steps for how to get them?
The following transactions of Great Value Pharmacies occurred during 2016 and 2017: (Click the icon to view the transactions.) Requirements 1. Journalize the transactions in the Great Value Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required, 2. Prepare the liabilities section of the balance sheet for Great Value Pharmacies on March 1, 2017 after all the journal entries are recorded. Requirement 1. Journalize the transactions in the Great Value 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.) i More Info 2016 Mar. 1 Borrowed $405,000 from Bartow Bank. The nine-year 7% note requires payments due annually, on March 1. Each payment consists of $45,000 principal plus one year's interest. Deo. 1 Mortgaged the warehouse for $200,000 cash with Sammon Bank. The mortgage requires monthly payments of $4,000, The interest rate on the note is 10% and accrues monthly. The first payment is due on January 1, 2017 31 Recorded interest accrued on the Sammon Bank note. 31 Recorded interest accrued on the Bartow Banknote 2017 Jan. 1 Paid Sammon Bank monthly mortgage payment Feb. 1 Paid Sarnmon Bank monthly mortgage payment Mar. 1 Paid Sammon Bank monthly mortgage payment 1 Paid frst installment on note due to Bartow Bank Requirement 2. Prepare the liabilities section of the balance sheet for Great Value Pharmacies on March 1, 2017 after all the journal entries are recorded. First, prepare an amortization schedule for the Sammon Bank mortgage to March 1, 2018. Prepare the schedule for the first three payments, then the remaining months one at a time. (Round your answers to the nearest whole dollar.) Review the related journal entries you prepared in Requirement 1. Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 12/01/2016 1/01/2017 2/01/2017 3/01/2017 4/01/2017 5/01/2017 6/01/2017 7/01/2017 B/01/2017 9/01/2017 10/01/2017 11/01/2017 12/01/2017 1/01/2018 2/01/2018 3/01/2018 Now prepare the liabilities section of the balance sheet for Great Value Pharmacies on March 1, 2017. (If a box is not used in the table leave the box empty, do not enter a zero.) Review the amortization schedule you prepared above Great Value Pharmacies Balance Sheet (Partial) March 1, 2017 LiabilitiesStep by Step Solution
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