Explain each stop please

% P14-31A (similar to) The following transactions of Right Aid Pharmacies occurred during 2016 and 2017: (Click the icon to view the transactions.) Requirements 1. Journalize the transactions in the Right Aid Pharmacies general Journal, Round all answers to the nearest dollar. Explanations are not required. 2. Prepare the liabilities section of the balance sheet for Right Aid Pharmacies on March 1, 2017 after all the journal entries are recorded. More Info 2016 Mar. 1 Borrowed $420,000 from Niceville Bank. The seven-year, 6% note requires payments due annually, on March 1. Each payment consists of $60,000 principal plus one year's interest. Dec. 1 Mortgaged the warehouse for $350,000 cash with Saban Bank. The mortgage requires monthly payments of $3,000. The interest rate on the note is 7% and accrues monthly. The first payment is due on January 1, 2017 31 Recorded interest accrued on the Saban Bank note. 31 Recorded interest accrued on the Niceville Bank note. 2017 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 Niceville Bank. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. Clear All 15 parts remaining