Question
Mar. 1, 2024 Borrowed $125,000 from Naples Bank. The five-year, 12% note requires payments due annually, on March 1. Each payment consists of $25,000 principal
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Mar. 1, 2024 | Borrowed $125,000 from Naples Bank. The five-year, 12% note requires payments due annually, on March 1. Each payment consists of $25,000 principal plus one year's interest. | |
Dec. 1, 2024 | Mortgaged the warehouse for $550,000 cash with Sage Bank. The mortgage requires monthly payments of $9,000. The interest rate on the note is 5% and accrues monthly. The first payment is due on January 1, 2025. | |
Dec. 31, 2024 | Recorded interest accrued on the Sage Bank note. | |
Dec. 31, 2024 | Recorded interest accrued on the Naples Bank note. | |
Jan. 1, 2025 | Paid Sage Bank monthly mortgage payment. | |
Feb. 1, 2025 | Paid Sage Bank monthly mortgage payment. | |
Mar. 1, 2025 | Paid Sage Bank monthly mortgage payment. | |
Mar. 1, 2025 | Paid first installment on note due to Naples Bank.
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| Requirements 1. Journalize the transactions in the Smith Pharmacies general journal. Round to the nearest dollar. Explanations are not required 2. Prepare the liabilities section of the balance sheet for Smith Pharmacies on March 1, 2025 after all the journal entries are recorded.
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