James Walker owns Walker Auto Sales. He periodically borrows money from New Orleans State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 2019.

INSTRUCTIONS
1. Record each of the March transactions in the general journal. (Omit explanations.)
2. Record the additional data related to these notes for months other than March in the general journal using the appropriate dates.

Additional Data
a. Walker pays all the company€™s notes payable on time.
b. Damon Wilson defaults on his $15,000 note and the bank charges the company€™s checking account for the maturity value of the note and a service fee of $30.
c. Derrick Wells pays his note on time.
d. Terry Owens pays his note on time.
Analyze: What is the Notes Payable account balance on March 25?

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DATE TRANSACTIONS 2019 Mr. Walker borrows $10,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. Mar. 4 A 90-day $9,000 note payable to the bank is discounted at a rate of 10 percent. 11 Sold a car to Damon Wilson for $15,000 on a 75-day note receivable, bearing 22 interest at 10 percent. 23 Discounted the Wilson note with the bank. The bank charges a discount rate of 12 percent. Sold a car for $15,000 to Derrick Wells. Wells paid $2,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 25 28 Terry Owens's account receivable is overdue. Sims requires him to sign a 12 percent, 30-day note for the balance of $5,500.