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1. Journalize the transactions in the Elliot Manufacturing general journal. Round to the nearest...

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Accounting

1.
Journalize the transactions in the Elliot Manufacturing general journal. Round to the nearest dollar. Explanations are not required.
2.
Prepare the liabilities section of the balance sheet for Elliot Manufacturing on March 1,2026 after all the journal entries are recorded.
Mar. 1,2025
Borrowed $675,000 from Margate Bank. The 15-year, 12% note requires payments due annually, on March 1. Each payment consists of $45,000 principal plus one year's interest.
Dec. 1,2025
Mortgaged the warehouse for $450,000 cash with Sawyer Bank. The mortgage requires monthly payments of $8,000. The interest rate on the note is 8% and accrues monthly. The first payment is due on January 1,2026.
Dec. 31,2025
Recorded interest accrued on the Sawyer Bank note.
Dec. 31,2025
Recorded interest accrued on the Margate Bank note.
Jan. 1,2026
Paid Sawyer Bank monthly mortgage payment.
Feb. 1,2026
Paid Sawyer Bank monthly mortgage payment.
Mar. 1,2026
Paid Sawyer Bank monthly mortgage payment.
Mar. 1,2026
Paid first installment on note due to Margate Bank.
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