P12-32A (similar to) Question Help The following transactions of Jackson Pharmac

Question

P12-32A (similar to) Question Help The following transactions of Jackson Pharmacies occurred during 2018 and 2019: (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize the transactions in the Jackson 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 $160,000 from Margate Bank The eight-year, 14% note requres payments due annualy, on March 1 . Each payment consists of $20,000 principal plus one years interest Date 2018 Mar. 1 Debit Credit Requirements 1. Journalize the transactions in the Jackson Pharmacies general journal. Round to the nearest dollar. Explanations are not required Prepare the liabilities section of the balance sheet for Jackson Pharmacies on March 1, 2019 after all the jounal entries are recorded 2. Print Done Choose from any list or enter any number in the input fields and then click Check Answer 21 remaining Clear All Check Answer

Explanation / Answer

Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 2018 1-Mar Cash                                                           Dr.          160,000 To Notes Payable          160,000 2019 1-Mar Notes Payable                                      Dr.            20,000 Interest Expenses                               Dr.            22,400 $160,000 X 14%    To Cash            42,400 2020 1-Mar Notes Payable                                      Dr.            20,000 Interest Expenses                               Dr.            19,600 $140,000 X 14%    To Cash            39,600 2021 1-Mar Notes Payable                                      Dr.            20,000 Interest Expenses                               Dr.            16,800 $120,000 X 14%    To Cash            36,800 2022 1-Mar Notes Payable                                      Dr.            20,000 Interest Expenses                               Dr.            14,000 $100,000 X 14%    To Cash            34,000 2023 1-Mar Notes Payable                                      Dr.            20,000 Interest Expenses                               Dr.            11,200 $80,000 X 14%    To Cash            31,200 2024 1-Mar Notes Payable                                      Dr.            20,000 Interest Expenses                               Dr.              8,400 $60,000 X 14%    To Cash            28,400 2025 1-Mar Notes Payable                                      Dr.            20,000 Interest Expenses                               Dr.              5,600 $40,000 X 14%    To Cash            25,600 2026 1-Mar Notes Payable                                      Dr.            20,000 Interest Expenses                               Dr.              2,800 $20,000 X 14%    To Cash            22,800 Answer 2. Balance Sheet Partial As on Mar 1, 2019 Liability Long Term Liabilities Notes Payable          140,000

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