James Howard owns Howard' Auto Sales. He periodically borrows money from Bay City State Bank and...

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James Howard owns Howard' Auto Sales. He periodically borrows money from Bay City 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 20X1. DATE 20X1 TRANSACTIONS Mar. 4 Mr. Howard borrows $41,760 from the bank on a note payable for the business. Terms of the note are 9 percent interest for 45 days. 11 A 90-day $56,160 note payable to the bank is discounted at a rate of 9 percent. 22 Sold a car to Darnell Jones for $25,920 on a 75-day note receivable, bearing interest at 7 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 9 percent. 25 Sold a car for $33,120 to Henry Thomas. Thomas paid $3,000 cash and signed a 30-day note, bearing interest at 12 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 8 percent, 30-day note for the balance of $30,240. Additional Data a. Howard pays all the company's notes payable on time. b. Darnell Jones defaults on his $25,920 note and the bank charges the company's checking account for the maturity value of the note and a service fee of $69. c. Henry Thomas pays his note on time. d. Alfred Herron pays his note on time. Required: 1. Record each of the March transactions in the general journal. 2. Record the additional data related to these notes for months other than March in the general journal using the appropriate dates. Analyze: What is the Notes Payable account balance on March 25? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze Record each of the March transactions in the general journal. (Use 360 days a year. Do not round intermediate calculations. Round y answers to 2 decimal places.) View transaction list 1 Record borrowal from the bank. 2 Record discount of note payable. 3 Record sale of a car. Record discount of the Jones note with the bank. 5 Record sale of car to Henry Thomas. 6 Record Alfred Herron's note receivable. Note: = journal entry has been entered Record entry Credit 0.00 Clear entry View general journal Required 1 Required 2 Analyze Record each of the March transactions in the general journal. (Use 360 days a year. Do not round intermediate calculations. Round your answers to 2 decimal places.) No Date 1 Mar: 4, 20X1 Cash Notes payable-Bank 2 Mar 11, 20X1 Cash Interest expense Notes payable-Bank General Journal 3 Mar. 22, 20X1 Notes receivable/Darnell Jones Sales 4 Mar. 23, 20X1 Cash Interest expense Notes receivable-Discounted/Darnell Jones 5 Mar 25, 20X1 Cash Notes receivable/Henry Thomas Sales 6 Mar 28, 20X1 Notes receivable/Alfred Herron Accounts receivable/Alfred Herron Required 1 Required 2 > Debit 41,760.00 Credit 41,760.00 54,896.40 1,263.60 56,160 00 25,920.00 25,920.00 25,920.00 X 378.00 X 26,298.00 3,000.00 30,120.00 33,120.00 30,240.00 30.00 X Record the additional data related to these notes for months other than March. (Use 360 days a year. Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list 1 Record the entry for the maturity of the $41,760 not. 2 Record the entry for the maturity of the $56,160 note. 3 Record the entry for the maturity and default of the Darnell Jones note. Record the entry for the maturity of the Henry Thomas note. Credit 0 Record the entry for the maturity of the Alfred Herron note. D 42,229.80 Note: =7 journal entry has been entered Record entry Clear entry View general journal Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze Record the additional data related to these notes for months other than March. (Use 360 days a year. Do not round intermediate calculations, Round your answers to 2 decimal places.) No Date 1 April 18, 20X1 Notes payable-Bank Interest expense Cash 2 June 9, 20X1 Notes payable-Bank 4 April 24, 20X1 No Transaction Recorded General Journal < Required 1 Analyze > Debit 41,760.00 Credit 469.80 42,229 80 56,160.00 Analyze: What is the Notes Payable account balance on March 25? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze What is the Notes Payable account balance on March 25? Notes payable S 97,920 < Required 2 Analyze James Howard owns Howard' Auto Sales. He periodically borrows money from Bay City 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 20X1. DATE 20X1 TRANSACTIONS Mar. 4 Mr. Howard borrows $41,760 from the bank on a note payable for the business. Terms of the note are 9 percent interest for 45 days. 11 A 90-day $56,160 note payable to the bank is discounted at a rate of 9 percent. 22 Sold a car to Darnell Jones for $25,920 on a 75-day note receivable, bearing interest at 7 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 9 percent. 25 Sold a car for $33,120 to Henry Thomas. Thomas paid $3,000 cash and signed a 30-day note, bearing interest at 12 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 8 percent, 30-day note for the balance of $30,240. Additional Data a. Howard pays all the company's notes payable on time. b. Darnell Jones defaults on his $25,920 note and the bank charges the company's checking account for the maturity value of the note and a service fee of $69. c. Henry Thomas pays his note on time. d. Alfred Herron pays his note on time. Required: 1. Record each of the March transactions in the general journal. 2. Record the additional data related to these notes for months other than March in the general journal using the appropriate dates. Analyze: What is the Notes Payable account balance on March 25? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze Record each of the March transactions in the general journal. (Use 360 days a year. Do not round intermediate calculations. Round y answers to 2 decimal places.) View transaction list 1 Record borrowal from the bank. 2 Record discount of note payable. 3 Record sale of a car. Record discount of the Jones note with the bank. 5 Record sale of car to Henry Thomas. 6 Record Alfred Herron's note receivable. Note: = journal entry has been entered Record entry Credit 0.00 Clear entry View general journal Required 1 Required 2 Analyze Record each of the March transactions in the general journal. (Use 360 days a year. Do not round intermediate calculations. Round your answers to 2 decimal places.) No Date 1 Mar: 4, 20X1 Cash Notes payable-Bank 2 Mar 11, 20X1 Cash Interest expense Notes payable-Bank General Journal 3 Mar. 22, 20X1 Notes receivable/Darnell Jones Sales 4 Mar. 23, 20X1 Cash Interest expense Notes receivable-Discounted/Darnell Jones 5 Mar 25, 20X1 Cash Notes receivable/Henry Thomas Sales 6 Mar 28, 20X1 Notes receivable/Alfred Herron Accounts receivable/Alfred Herron Required 1 Required 2 > Debit 41,760.00 Credit 41,760.00 54,896.40 1,263.60 56,160 00 25,920.00 25,920.00 25,920.00 X 378.00 X 26,298.00 3,000.00 30,120.00 33,120.00 30,240.00 30.00 X Record the additional data related to these notes for months other than March. (Use 360 days a year. Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list 1 Record the entry for the maturity of the $41,760 not. 2 Record the entry for the maturity of the $56,160 note. 3 Record the entry for the maturity and default of the Darnell Jones note. Record the entry for the maturity of the Henry Thomas note. Credit 0 Record the entry for the maturity of the Alfred Herron note. D 42,229.80 Note: =7 journal entry has been entered Record entry Clear entry View general journal Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze Record the additional data related to these notes for months other than March. (Use 360 days a year. Do not round intermediate calculations, Round your answers to 2 decimal places.) No Date 1 April 18, 20X1 Notes payable-Bank Interest expense Cash 2 June 9, 20X1 Notes payable-Bank 4 April 24, 20X1 No Transaction Recorded General Journal < Required 1 Analyze > Debit 41,760.00 Credit 469.80 42,229 80 56,160.00 Analyze: What is the Notes Payable account balance on March 25? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze What is the Notes Payable account balance on March 25? Notes payable S 97,920 < Required 2 Analyze