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The following transactions of Great Value Pharmacies oocurred during 2024 and 2025 (.) (Click the icon to view the transactions.) Read the requirements Requirement 1.
The following transactions of Great Value Pharmacies oocurred during 2024 and 2025 (.) (Click the icon to view the transactions.) Read the requirements Requirement 1. Joumalize the transactions in the Great Value Pharmacies general joumal, Round all answers to the nearest dollar. Explanations are no required. (Record debits first, then credits. Exclude explanations from any joumal entries. Round all answers to the nearest dollar.) Mar. 1, 2024: Borrowed $100,000 from Niceville Bank. The five-year, 14% note requires payments due annually, on March 1, Each payment consists of $20,000 principal plus one year's interest Dec. 1, 2024: Mortgaged the warehouse for $400,000 cash with Sage Bank. The mortgage requires monthly payments of $7,000. The interest rate on the note is 10% 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 Niceville 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 Niceville Bank. Requirement 2. Prepare the liabilties section of the balance sheet for Great Value Pharmacies on March 1,2025 after all the journal entries are recorded. First, prepare an amortization schedule for the Sage Bank mortgage to March 1, 2026. Prepare the schedule for the first three payments, then the remaining months one at a time. (Round your answers to the nearest whole dollar.) Reviow the related iournal entries you pregared in Requirement 1 . Now prepare the liablities section of the balance sheet for Great Value Pharmacies on March 1, 2025. (If a box is not used in the table leave the box empty, do not seloct a label or enter a zero.) Review the arnortization schedule you prepared above. More info Requirements 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 on March 1, 2025 after all the journal entries are recorded
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