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2016 Mar.Mar. 1 Borrowed $280,000 from Margate Bank. The eight-year, 12% note requires payments due annually, on March 1. Each payment consists of $35,000 principal plus one year's interest.Dec. 1 Mortgaged the warehouse for $500,000 cash with Sage Bank. The mortgage requires monthly payments of $5,000. The interest rate on the note is 8% and accrues monthly. The first payment is due on January 1, 2017. 31 Recorded interest accrued on the Sage Bank note. 31 Recorded interest accrued on the Margate Bank note.2017 .Jan. 1 Paid Sage Bank monthly mortgage payment. .Feb. 1 Paid Sage Bank monthly mortgage payment. Mar.M. 1 Paid Sage Bank monthly mortgage payment. 1 Paid first installment on note due to Margate Bank.

The following transactions of

Right Aid

Pharmacies occurred during

2016

and

2017

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Requirements

1.	Journalize the transactions in the Right Aid Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required.
2.	Prepare the liabilities section of the balance sheet for Right Aid Pharmacies on March 1, 2017 after all the journal entries are recorded.

Requirement 1. Journalize the transactions in the

Right Aid

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,

2016

Borrowed

$280,000

from

Margate

Bank. The

eight-

year,

12%

note requires payments due annually, on

March

1. Each payment consists of

$35,000

principal plus one year's interest.

Date			Accounts	Debit	Credit
2016
Mar. 1

Dec.

1,

2016:

Mortgaged the warehouse for

$500,000

cash with

Sage

Bank. The mortgage requires monthly payments of

$5,000.

The interest rate on the note is

8%

and accrues monthly. The first payment is due on January 1,

2017

Date			Accounts	Debit	Credit
2016
Dec. 1

Dec.

31,

2016

Recorded interest accrued on the

Sage

Bank note.

Date			Accounts	Debit	Credit
2016
Dec. 31

Dec.Dec.

31,

2016

Recorded interest accrued on the

Margate

Bank note.

Date			Accounts	Debit	Credit
2016
Dec. 31

Jan.Jan.

1,

2017

Paid

Sage

Bank monthly mortgage payment.

Date			Accounts	Debit	Credit
2017
Jan. 1

Feb.

1,

2017

Paid

Sage

Bank monthly mortgage payment.

Date			Accounts	Debit	Credit
2017
Feb. 1

Mar.

1,

2017

Paid

Sage

Bank monthly mortgage payment.

Date			Accounts	Debit	Credit
2017
Mar. 1

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