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The following transactions of Jackson Pharmacies occurred during 2024 and 2025: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the
The following transactions of Jackson Pharmacies occurred during 2024 and 2025: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions in the Jackson Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required. (Record debits first, then credits. Exc from any joumal entries. Round all answers to the nearest dollar) Mar. 1, 2024: Borrowed $225,000 from Lessburg Bank. The nine-year, 1296 note requires payments due annually, on March 1. Each payment consists of $25,000 principal plus one year's interest Date Accounts Debit Credit 2024 Mar. 1 Mar. 1, 2024 Dec. 1, 2024 Dec. 31, 2024 Dec. 31, 2024 Jan. 1, 2025 Feb. 1, 2025 Mar. 1, 2025. Mar. 1, 2025 Borrowed $225,000 from Lessburg Bank. The nine-year, 12% note requires payments due annually, on March 1. Each payment consists of $25,000 principal plus one year's interest. Mortgaged the warehouse for $450,000 cash with Sawyer Bank. The mortgage requires monthly payments of $4,000. 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 Sawyer Bank note. Recorded interest accrued on the Lessburg Bank note. Paid Sawyer Bank monthly mortgage payment. Paid Sawyer Bank monthly mortgage payment. Paid Sawyer Bank monthly mortgage payment. Paid first installment on note due to Lessburg Bank. 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 of the balance sheet for Jackson Pharmacies on March 1, 2025 after all the journal entries are recorded
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