Monthly transactions for february answer key

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 $100,000 from Margate Bank. The five-year, 7% note requires payments due annually, on March 1. Each payment consists of $20,000 principal plus one year's interest. Date Accounts Debit Credit 2018 Mar. 1 100,000 Cash Notes Payable 100,000
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.
Dec. 1, 2018: Mortgaged the warehouse for $300,000 cash with Saylor Bank. The mortgage requires monthly payments of $2,000. The interest rate on the note is 3% and accrues monthly. The first payment is due on January 1, 2019. Date Accounts Debit Credit 2018 Dec. 1 Cash 300,000 Mortgage Payable 300,000
Dec. 31, 2018: Recorded interest accrued on the Saylor Bank note. Date Accounts Debit Credit 2018 Dec. 31 750 Interest Expense Interest Payable 750
Dec. 31, 2018: Recorded interest accrued on the Margate Bank note. Date Accounts Debit Credit 2018 Dec. 31. || Interest Expense 5,833 Interest Payable 5,833
Jan. 1, 2019: Paid Saylor Bank monthly mortgage payment. Date Accounts Debit Credit 2019 Jan. 1 | Interest Payable Mortgage Payable Cash 750 1,250 2,000
Feb. 1, 2019: Paid Saylor Bank monthly mortgage payment. Date Accounts Debit Debit Credit 2019 Feb. 1