Question

The following transactions of Emergency Pharmacies occurred during 2018 and 2019: (Click the icon to view the transactions.) Read the requirements. 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 Debit Credit Credit 2018 Mar. 1

Answer 1

ES LUN Date Page Dr (Accounts) particular Date $100,000 01-03-2018 Bank al To I% Dr Note payable $1001000 $7000 (01-01-2019 $ 1000 Intuiest Expenteol Do To Interest payable at [ 100,000X 771 OL-03-2019 $7000 920000 Interest 7% Notre To payable ale Dr payable ate Dr Bank alc. $ 21000 Emergency Balance Pharmacies. Sheet as on March 1, 2019 Liabilities Amount ($) Current liabilities Note (-) payable Note paid 16001000 000000 80,000 Intereston Nole payable A) Amount paid 700D I (2000) 80,000