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Urgent, please help. Will rate if correct. Please finish all parts 1. Journalize the transactions in the Emergency Pharmacies general journal. Round to the nearest
Urgent, please help. Will rate if correct. Please finish all parts
1. Journalize the transactions in the Emergency Pharmacies general journal. Round to the nearest dollar. Explanations are not required. 2. Prepare the liabilities section of the balance sheet for Emergency Pharmacies on March 1, 2019 after all the journal entries are recorded. 2018 Mar. 1 Borrowed $675,000 from Longwood Bank. The 15-year, 10% note requires payments due annually, on March 1. Each payment consists of $45,000 principal plus one year's interest. Dec. 1 Mortgaged the warehouse for $400,000 cash with Saban Bank. The mortgage requires monthly payments of $3,000. The interest rate on the note is 3% and accrues monthly. The first payment is due on January 1, 2019. 31 Recorded interest accrued on the Saban Bank note. 31 Recorded interest accrued on the Longwood Bank note. 2019 Jan. 1 Paid Saban Bank monthly mortgage payment. Feb. 1 Paid Saban Bank monthly mortgage payment. Mar. 1 Paid Saban Bank monthly mortgage payment. 1 Paid first installment on note due to Longwood Bank. The following transactions of Emergency Pharmacies occurred during 2018 and 2019: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions in the Emergency Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Mar. 1, 2018: Borrowed $675,000 from Longwood Bank. The 15-year, 10% note requires payments due annually, on March 1. Each payment consists of $45,000 principal plus one year's interest. Date Accounts Debit Credit 2018 Mar. 1 Cash 675000 675000Step by Step Solution
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