Mar. 1, 2024 Dec. 1, 2024 Dec. 31, 2024 Dec 31, 2024 Jan 1, 2025 Borrowed $315,000 from Longwood Bank. The seven-year, 13% note requires payments due annually, on March 1. Each payment consists of $45,000 principal plus one year's interest. Mortgaged the warehouse for $300,000 cash with Sammon Bank. The mortgage requires monthly payments of $9,000. The interest rate on the note is 12% and accrues monthly. The first payment is due on January 1, 2025 Recorded interest accrued on the Sammon Bank note. Recorded interest accrued on the Longwood Bank note. Paid Sammon Bank monthly mortgage payment Paid Sammon Bank monthly mortgage payment Pald Sammon Bank monthly mortgage payment. Paid first installment on note due to Longwood Bank Feb. 1, 2025 Mar. 1, 2025 Mar. 1, 2025 Requirement 1. Journalize the transactions in the Great Value Pharmacies general journal. Round all answers to the nearest dolar. Explanations are not required. Record debits first, then credits. Exclude explanations from any joumal entries. Round answers to the nearest dollar) Mar 1, 2024. Borrowed $315,000 from Longwood Bank. The seven-year, 13% note requires payments due annually, on March 1. Each payment consists of $45,000 principal plus one year's interest Date Accounts Debit Credit 2024 Mar 1 315,000 Cash Notes Payablo 315,000 Dec 1, 2024: Mortgaged the warehouse for $300,000 cash with Sammon Bank. The mortgage requires monthly payments of $9,000. The Interest rate on the note is 12% and accrues monthly The first payment is due on January 1, 2025 Dec. 1, 2024: Mortgaged the warehouse for $300,000 cash with Sammon Bank. The mortgage requires monthly payments of $9.000. The interest rate on the note is 12% and accrues monthly The first payment is due on January 1, 2025 Date Accounts Debit Credit 2024 Dec 1 Notes Payable Interest Expense Cash Dec 31, 2024. Recorded interest accrued on the Sammon Banknote Date Accounts Debit Credit 2024 Dec 31 Dec. 31, 2024: Recorded interest accrued on the Longwood Bank note. Date Accounts Debit Credit 2024 Dec 31 Jan. 1. 2025: Paid Sammon Bank monthly mortgage payment. Date Accounts Debit Credit 2025 Jan 1 Read the requirements. Feb. 1, 2025: Paid Sammon Bank monthly mortgage payment. Date Accounts Debit Credit 2025 Feb. 1 Mar. 1, 2025: Paid Sammon Bank monthly mortgage payment. Date Accounts Debit Credit 2025 Mar. 1 Mar. 1, 2025: Paid first installment on note due to Longwood Bank Read the requirements Mar. 1, 2025: Paid first installment on note due to Longwood Bank. Date Accounts Debit Credit 2025 Mar. 1 Requirement ? Prenare the linha VIEW First , prepare an amortization schedule for the Sammon Bank mortgage to March 1, 2026. Prepare the schedule for the first three payments, then the remaining monthus 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 12/01/2024 1/01/2025 2/01/2025 3/01/2025 4/01/2025 5/01/2025 6/01/2025 7/01/2025 8/01/2025 9/01/2025 Read the requirements 7/01/2025 B/01/2025 9/01/2025 10/01/2025 11/01/2025 12/01/2025 1/01/2026 2/01/2026 3/01/2026 Now prepare the liabilities section of the balance sheet for Great Value Pharmacies on March 1, 2025. (If a box is not used in the table leave the bo Review the amortization schedule you prepared above, Great Value Pharmacies Balance Sheet (Partial) March 1, 2025 Liabilities Great Value Pharmacies Balance Sheet (Partial) March 1, 2025 Liabilities
