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Mar. 1, 2024	Borrowed $125,000 from Naples Bank. The five-year, 12% note requires payments due annually, on March 1. Each payment consists of $25,000 principal plus one year's interest.
Dec. 1, 2024	Mortgaged the warehouse for $550,000 cash with Sage Bank. The mortgage requires monthly payments of $9,000. The interest rate on the note is 5% and accrues monthly. The first payment is due on January 1, 2025.
Dec. 31, 2024	Recorded interest accrued on the Sage Bank note.
Dec. 31, 2024	Recorded interest accrued on the Naples Bank note.
Jan. 1, 2025	Paid Sage Bank monthly mortgage payment.
Feb. 1, 2025	Paid Sage Bank monthly mortgage payment.
Mar. 1, 2025	Paid Sage Bank monthly mortgage payment.
Mar. 1, 2025	Paid first installment on note due to Naples Bank.
	Requirements 1. Journalize the transactions in the Smith Pharmacies general journal. Round to the nearest dollar. Explanations are not required 2. Prepare the liabilities section of the balance sheet for Smith Pharmacies on March 1, 2025 after all the journal entries are recorded.

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