The following transactions of Great Value Pharmacies occurred during 2024 and 2025: Requirements 1. Journalize the transactions
Question:
The following transactions of Great Value Pharmacies occurred during 2024 and 2025:
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.
2024 Mar. 1 Dec. 1 31 31 2025 Jan. 1 Feb. 1 Mar. 1 1 Borrowed $390,000 from Bartow Bank. The six-year, 13% note requires payments due annually, on March 1. Each payment consists of $65,000 principal plus one year's interest. Mortgaged the warehouse for $350,000 cash with Saylor Bank. The mortgage requires monthly payments of $7,000. The interest rate on the note is 9% and accrues monthly. The first payment is due on January 1, 2025. Recorded interest accrued on the Saylor Bank note. Recorded interest accrued on the Bartow Bank note. Paid Saylor Bank monthly mortgage payment. Paid Saylor Bank monthly mortgage payment. Paid Saylor Bank monthly mortgage payment. Paid first installment on note due to Bartow Bank.
Step by Step Answer:
1 2 Date 2024 Mar 1 Dec 1 Dec 31 Dec 31 2025 Jan 1 Feb 1 Ma...View the full answer
Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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