- Requirements 1. Journalize the transactions in the Jackson Pharmacies general journal. Round to the nearest dollar. Explanations are not required. 2. Prepare the liabilities section the balance sheet for Jackson Pharmacies on March 1, 2025 after all the journal entries are recorded. Print Done 24 24 Borrowed $125,000 from Margate Bank. The five-year, 10% note requires payments due annually, on March 1. Each payment consists of $25,000 principal plus one year's interest. Mortgaged the warehouse for $600,000 cash with Southside Bank. The mortgage requires monthly payments of $7,000. The interest rate on the note is 3% and accrues monthly. The first payment is due on January 1, 2025. Recorded interest accrued on the Southside Bank note. Recorded interest accrued on the Margate Bank note Paid Southside Bank monthly mortgage payment Paid Southside Bank monthly mortgage payment. Paid Southside Bank monthly mortgage payment Paid first installment on note due to Margate Bank. 024 2024 25 625 025 025 19 Dec. 31, 2024: Recorded interest accrued on the Southside Bank note. Date Accounts Debit Credit 2024 Dec. 31 Interest Expense Interest Payable 1,500 1,50 Dec. 31, 2024: Recorded interest accrued on the Margate Bank note. Date Accounts Debit Credit 2024 Dec. 31 Interest Expense Interest Payable 10,417 10,417 Jan. 1, 2025: Paid Southside Bank monthly mortgage payment. Date Accounts Debit Credit 2025 Jan. 1 Interest Payable Mortgage Payable Cash 7000 Etext pages Calculator Ask mur inntun