2016
Mar. 1 Borrowed $ 240,000 from Naples Bank. The twelve-year, 9% note requires payments due annually, on March 1. Each payment consists of $ 20,000 principal plus one year's interest.
Dec. 1 Mortgaged the warehouse for $ 400 comma 000 cash with Sage Bank. The mortgage requires monthly payments of $ 5,000. The interest rate on the note is 11% 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 Naples Bank note. 2017
Jan. 1 Paid Sage Bank monthly mortgage payment.
Feb. 1 Paid Sage Bank monthly mortgage payment.
Mar. 1 Paid Sage Bank monthly mortgage payment.
1 Paid first installment on note due to Naples Bank.
Required:
Journalize be transactions in me Green Pharmacies general journal.
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2016
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