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More info Mar. 1, 2024 Dec. 1, 2024 Dec. 31, 2024 Dec. 31, 2024 Jan. 1, 2025 Feb. 1, 2025 Mar. 1, 2025 Mar.
More info 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 $585,000 from Bartow Bank. The nine-year, 5% note requires payments due annually, on March 1. Each payment consists of $65,000 principal plus one year's interest. Mortgaged the warehouse for $400,000 cash with Sadler Bank. The mortgage requires monthly payments of $10,000. The interest rate on the note is 10% and accrues monthly. The first payment is due on January 1, 2025. Recorded interest accrued on the Sadler Bank note. Recorded interest accrued on the Bartow Bank note. Paid Sadler Bank monthly mortgage payment. Paid Sadler Bank monthly mortgage payment. Paid Sadler Bank monthly mortgage payment. Paid first installment on note due to Bartow Bank. Print Done The following transactions of Discount Pharmacies occurred during 2024 and 2025: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions in the Discount 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. Round all answers to the nearest dollar.) Mar. 1, 2024: Borrowed $585,000 from Bartow Bank. The nine-year, 5% note requires payments due annually, on March 1. Each payment consists of $65,000 principal plus one year's interest. Date 2024 Mar. 1 Accounts Debit Credit Dec. 1, 2024: Mortgaged the warehouse for $400,000 cash with Sadler Bank. The mortgage requires monthly payments of $10,000. The interest rate on the note is 10% and accrues monthly. The first payment is due on January 1, 2025. Date 2024 Dec. 1 Accounts Debit Credit Dec. 31, 2024: Recorded interest accrued on the Sadler Bank note. Date 2024 Dec. 31 Accounts Dec. 31, 2024: Recorded interest accrued on the Bartow Bank note. Date 2024 Accounts Dec. 31 Debit Credit Debit Credit Jan. 1, 2025: Paid Sadler Bank monthly mortgage payment. Date 2025 Jan. 1 Accounts Feb. 1, 2025: Paid Sadler Bank monthly mortgage payment. Date 2025 Feb. 1 Accounts Mar. 1, 2025: Paid Sadler Bank monthly mortgage payment. Date 2025 Mar. 1 Accounts Mar. 1, 2025: Paid first installment on note due to Bartow Bank. Date 2025 Mar. 1 Accounts Debit Credit Debit Credit Debit Credit Debit Credit Requirement 2. Prepare the liabilities section of the balance sheet for Discount Pharmacies on March 1, 2025 after all the journal entries are recorded. First, prepare an amortization schedule for the Sadler 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.) Review the related journal entries you prepared in Requirement 1. Beginning Balance Principal Payment Interest Expense Total Ending Payment Balance 12/01/2024 1/01/2025 2/01/2025 3/01/2025 4/01/2025 5/01/2025 6/01/2025 7/01/2025 8/01/2025 9/01/2025 10/01/2025 11/01/2025 12/01/2025 1/01/2026 2/01/2026 3/01/2026
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