The Following Transactions Of Great Value Pharmacies Occurred During 2018 And 2019:

Requirement:

2018

Mar. 1 Borrowed $ 525,000 from Longwood Bank. The 15-year, 12% note requires payments due annually, on March 1. Each payment consists of $35,000 principal plus one year's interest.

Dec. 1 Mortgaged the warehouse for $300,000 cash with Sage Bank. The mortgage requires monthly payments of $3,000. The interest rate on the note is 4% and accrues monthly. The first payment is due on January 1,2019.

Dec 31 Recorded interest accrued on the Sage Bank note.

Dec 31 Recorded interest accrued on the Longwood Bank note.

2019

Jan. 1 Paid Sage Bank monthly mortgage payment.

Feb. 1 Paid Sage Bank monthly mortgage payment.

Mar. 1 Paid Sage Bank monthly mortgage payment.

1 Paid first installment on note due to Longwood Bank.

1-Journalize the transactions in the Great Value Pharmacies general journal. Round to the nearest dollar. Explanations are not required.

2. Prepare the liabilities section of the balance sheet for Great Value Pharmacies March1, 2019 after all the journal entries are recorded.