The following transactions of Jackson Pharmacies occurred during 2018 and 2019: A (Click the icon to view the transactions ) Read the ouitements Requirement1. Journalize the transactions in the Jackson Pharmacies general journal. Round all answers to the nearest dollar. Explariafions are not required (Record debits first, then credits. Exclude explanations from any journal entries.) Mar. 1, 2018: Borrowed $300,000 from Milton Bank. The five- year, 10% note requires payments due annualy, on March 1 Each paymont consists of $60,000 principal plus one year's interest Date Accounts Debit Credit 2018 More Inifo Mar. 1 Borrowed $300,000 from Miton Bank. The five year, 10% note requires payments due annually, on March 1. Each payment consists of $60,000 principal plus one year's interest. Mortgaged the warehouse for $550,000 cash with Saban Bank. The mortgage requires monthly payments of S3,000. The interest rate on the note is 5% and accrues monthly. The first payment is due on January 1, 2019. Mar. 1, 2018 Dec. 1, 2018 Requirements - X Dec. 31, 2018 Recorded interest accrued on the Saban Bank note Dec. 31, 2018 Recorded interest accrued on the Milton Bank note. Jan. 1, 2019 Paid Saban Bank monthiy mortgage payment. Feb. 1. 2019 Paid Saban Bank monthly mortgage payment. 1 Journalize the transactions in the Jackson Pharmacies general joumal. Round to the nearest dollar. Explanations are not required. 2. Prepare the liabilities section of the balance sheet for Jackson Pharmacies on March 1, 2019 after all the journal entries are recorded Mar. 1, 2019 Paid Saban Bank monthly mortgage payment. Mar. 1, 2019 Paid first installment on note due to Milton Bank
The following transactions of Jackson Pharmacies occurred during 2018 and 2019: A (Click the icon to view the transactions ) Read the ouitements Requirement1. Journalize the transactions in the Jackson Pharmacies general journal. Round all answers to the nearest dollar. Explariafions are not required (Record debits first, then credits. Exclude explanations from any journal entries.) Mar. 1, 2018: Borrowed $300,000 from Milton Bank. The five- year, 10% note requires payments due annualy, on March 1 Each paymont consists of $60,000 principal plus one year's interest Date Accounts Debit Credit 2018 More Inifo Mar. 1 Borrowed $300,000 from Miton Bank. The five year, 10% note requires payments due annually, on March 1. Each payment consists of $60,000 principal plus one year's interest. Mortgaged the warehouse for $550,000 cash with Saban Bank. The mortgage requires monthly payments of S3,000. The interest rate on the note is 5% and accrues monthly. The first payment is due on January 1, 2019. Mar. 1, 2018 Dec. 1, 2018 Requirements - X Dec. 31, 2018 Recorded interest accrued on the Saban Bank note Dec. 31, 2018 Recorded interest accrued on the Milton Bank note. Jan. 1, 2019 Paid Saban Bank monthiy mortgage payment. Feb. 1. 2019 Paid Saban Bank monthly mortgage payment. 1 Journalize the transactions in the Jackson Pharmacies general joumal. Round to the nearest dollar. Explanations are not required. 2. Prepare the liabilities section of the balance sheet for Jackson Pharmacies on March 1, 2019 after all the journal entries are recorded Mar. 1, 2019 Paid Saban Bank monthly mortgage payment. Mar. 1, 2019 Paid first installment on note due to Milton Bank
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following transactions of Jackson Pharmacies occurred during 2018 and 2019:
A (Click the icon to view the transactions.)
Read the enuirements
Requirement 1. Journalize the transactions in the Jackson Pharmacies general journal Round all answers to the nearest dollar. Explariations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.)
Mar. 1, 2018: Borrowed $300,000 from Milton Bank. The five- year, 10% note requires payments due annua ly, on March 1 Each payment consists of $60,000 principal plus one year's interest.
Date
Accounts
Debit
Credit
2018
More Info
Mar. 1
Borrowed $300,000 from Miltori Bank. The five-year, 10% note requires payments due annually, on
March 1. Each payment consists of $60,000 principal plus one year's interest.
Mortgaged the warehouse for $550,000 cash with Saban Bank. The mortgage requires monthly
payments of $3,000. The interest rate on the note is 5% and accrues monthly. The first payment is due
on January 1, 2019.
Mar. 1, 2018
Dec. 1, 2018
Requirements
Dec. 31, 2018
Recorded interest accrued on the Saban Bank note.
Dec. 31, 2018
Recorded interest accrued on the Milton Bank note.
Jan. 1, 2019
Paid Saban Bank monthiy mortgage payment.
Feb. 1. 2019
Paid Saban Bank monthly mortgage payment.
1. Journalize the transactions in the Jackson Pharmacies general journal. Round
to the nearest dollar. Explanations are not required.
2. Prepare the liabilities section of the balance sheet for Jackson Pharmacies on
March 1, 2019 after all the journal entries are recorded.
Mar. 1, 2019
Paid Saban Bank monthly mortgage payment.
Mar. 1, 2019
Paid first installment on note due to Milton Bank
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