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The following transaction of Emergency Pharmacies occured during 2024 and 2025:

REQUIREMENTS:

1) Journalize the transactions in the Emergency Pharmacies general journal. Round to the nearest dollar. Explainations are not required.

2) Prepare the liabilities section of the balance sheet for Emergency Pharmacies on March 1,2025 after all the journal entries are recorded.

Mar. 1, 2024 Dec. 1, 2024 Borrowed $900,000 from Longwood Bank. The 15-year, 7% note requires payments due annually, on March 1. Each payment consists of $60,000 principal plus one year's interest. Mortgaged the warehouse for $400,000 cash with Sawyer Bank. The mortgage requires monthly payments of $9,000. The interest rate on the note is 8% and accrues monthly. The first payment is due on January 1, 2025 Recorded interest accrued on the Sawyer Bank note. Recorded interest accrued on the Longwood Bank note. Dec. 31, 2024 Dec. 31, 2024 Print Done More info Tour TUTOO OLUT UUwurwum Tor Dec. 31, 2024 Jan. 1, 2025 Feb. 1, 2025 Recorded interest accrued on the Longwood Bank note. Paid Sawyer Bank monthly mortgage payment. Paid Sawyer Bank monthly mortgage payment. Paid Sawyer Bank monthly mortgage payment. Paid first installment on note due to Longwood Bank Mar. 1, 2025 Mar. 1, 2025 Print Done

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