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In: Accounting

journal date particulars debit ($) credit ($) 2018 march 1 cash account debit 350000 margate...

journal

date

particulars

debit ($)

credit ($)

2018

march 1 cash account debit 350000

margate bank 350000

dec 1 cash account debit 150000

sundi bank 150000

dec 31 interest expense(margate ) debit 41250

to accrual interest 41250

dec 31 interest expense (sundi) debit 5500

to accrued interest 5500

dec 31 profit and loss account debit 46750

to interest expense ( 41250+5500) 46750

2019

jan 1 sundi bank account debit 10000

accrued interest debit 5500

to cash 15500

feb 1 sundi bank account debit 10000

interest expense debit 5500

to cash 15500

march 1 sundi bank account debit 10000

interest expense debit 5500

to cash 15500

march 1 margate bank account debit 50000

accrued interest debit 41250

interest expense debit 8250

to cash 99500

Requirement 2. Prepare the liabilities section of the balance sheet for Wholesale Pharmacies on

March 1,2019 after all the journal entries are recorded. First, prepare an amortization schedule for the

Sandi Bank mortgage to March 1, 2020.

Prepare the schedule for the first three payments, then the remaining months one at a time. (Round your answers to the nearest whole dollar.)

Review the related journal entries you prepared in Requirement 1

.

	Beginning	Principal	Interest	Total	Ending
	Balance	Payment	Expense	Payment	Balance
12/01/2018
1/01/2019
2/01/2019
3/01/2019

4/01/2019

5/01/2019

6/01/2019

7/01/2019

8/01/2019

9/01/2019

10/01/2019

11/01/2019

12/01/2019

1/01/2020

2/01/2020

3/01/2020

Now prepare the liabilities section of the balance sheet for

Wholesale Pharmacies on March 1, 2019.

(If a box is not used in the table leave the box empty; do not select a label or enter a zero.)

Review the amortization schedule you prepared above.

Wholesale Pharmacies
Balance Sheet (Partial)
March 1, 2019
	Liabilities

Expert Solution

	Beginning Balance($)	Principal Payment($)	Interest Expense($)	Total Payment($)	Ending Balance ($)
12/01/2018	150000				150000
1/01/2019	150000	10000	5500	15500	140000
2/01/2019	140000	10000	5133	15133	130000
3/01/2019	130000	10000	4767	14767	120000

4/01/2019

120000

10000

4400

14400

110000

5/01/2019

110000

10000

4033

14033

100000

6/01/2019

100000

10000

3667

13667

90000

7/01/2019

90000

10000

3300

13300

80000

8/01/2019

80000

10000

2933

12933

70000

9/01/2019

70000

10000

2567

12567

60000

10/01/2019

60000

10000

2200

12200

50000

11/01/2019

50000

10000

1833

11833

40000

12/01/2019

40000

10000

1467

11467

30000

1/01/2020

30000

10000

1100

11100

20000

2/01/2020

20000

10000

733

10733

10000

3/01/2020

10000

367

10367

BALANCE SHEET AS AT MARCH 1, 2019

LIABILITIES

Particulars	amount ($)
MARGARATE BANK	300000
SANDI BANK	120000
total =	420000

ekkarill92 answered 2 years ago

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journal date particulars debit ($) credit ($) 2018 march 1 cash account debit 350000 margate...

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