Journalize the transactions in the Elliot Manufacturing general journal. Round to the nearest dollar. Explanations are not required.
Prepare the liabilities section of the balance sheet for Elliot Manufacturing on March after all the journal entries are recorded.
Mar.
Borrowed $ from Margate Bank. The year, note requires payments due annually, on March Each payment consists of $ principal plus one year's interest.
Dec.
Mortgaged the warehouse for $ cash with Sawyer Bank. The mortgage requires monthly payments of $ The interest rate on the note is and accrues monthly. The first payment is due on January
Dec.
Recorded interest accrued on the Sawyer Bank note.
Dec.
Recorded interest accrued on the Margate Bank note.
Jan.
Paid Sawyer Bank monthly mortgage payment.
Feb.
Paid Sawyer Bank monthly mortgage payment.
Mar.
Paid Sawyer Bank monthly mortgage payment.
Mar.
Paid first installment on note due to Margate Bank.
