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Requirement 1. Journalize the transactions in the Discount Pharmacies general journal. Round all answers to the nearest dollar, Explanations are not required. (Reoopd debis first,
Requirement 1. Journalize the transactions in the Discount Pharmacies general journal. Round all answers to the nearest dollar, Explanations are not required. (Reoopd debis first, ihen creses Excludo explanations from any joumal entries. Round all answers to the nearest dollac.) Mar. 1, 2018: Borrowed $480,000 from Niceville Bank. The eight- yeac, T\% note requires payments due annualy, on March 1. Each payment consists of s60,000 principal plus ene year's interest Dec. 1, 2018: Mortgaged the warehouse for $500,000 cash with Sand Bank. The mortgage requires monthy paymonts of $6.000. The intereat nate on the note is 8% and acorues montlyy. The frat payment is due on danuary 1,2019. Calculator 1. Journalize the transactions in the Discount Pharmacies general journal. Round to the nearest dollar. Explanations are not required. 2. Prepare the liabilities section of the balance sheet for Discount Pharmacies on March 1, 2019 after all the journal entries are recorded. Borrowed $480,000 from Niceville Bank. The eight-year, 7% note requires payments due annually, on Mar. 1, 2018 March 1. Each payment consists of $60,000 principal plus one year's interest. Mortgaged the warehouse for $500,000 cash with Sandi Bank. The mortgage requires monthly Dec. 1,2018 payments of $6,000. Dec. 31, 2018 on January 1, 2019. Recorded interest accrued on the Sandi Bank note. Dec. 31,2018 Recorded interest accrued on the Niceville Bank note. Jan. 1, 2019 Paid Sandi Bank monthly mortgage payment. Feb. 1, 2019 Paid Sandi Bank monthly mortgage payment. Mar. 1, 2019 Paid Sandi Bank monthly mortgage payment. Mar. 1, 2019 Paid first installment on note due to Niceville Bank
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