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Journalize the transactions in the JohnsonJohnson Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required. Prepare the liabilities section of

Journalize the transactions in the

JohnsonJohnson

Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required.

Prepare the liabilities section of the balance sheet for

JohnsonJohnson

Pharmacies on

MarchMarch

1,

20172017

after all the journal entries are recorded.

image text in transcribed

More Info 2016 Mar. 1 Borrowed $225,000 from Longwood Bank. The nine-year, 15% note requires payments due annually, on March 1. Each payment consists of $25,000 principal plus one year's interest. Dec. 1 Mortgaged the warehouse for $550,000 cash with Sandi Bank. The mortgage requires monthly payments of $4,000. The interest rate on the note is 5% and accrues monthly. The first payment is due on January 1, 2017. 31 Recorded interest accrued on the Sandi Bank note. 31 Recorded interest accrued on the Longwood Bank note. 2017 Jan. 1 Paid Sandi Bank monthly mortgage payment. Feb. 1 Paid Sandi Bank monthly mortgage payment. Mar. 1 Paid Sandi Bank monthly mortgage payment. Paid first installment on note due to Longwood Bank. Print Done

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