2018 Mar May Sep Dec 3 Purchased a piano (inventory) for $55,000, signing a six-month, 6% note payable. 31 Borrowed $108,000 on a 5% one-year note payable. 3 Paid the six-month, 6% note at maturity. 31 Accrued warranty expense, which is estimated at 2.0% of sales of $202,000. 31 Accrued interest on the outstanding note payable. 2019 May 31 Paid the outstanding note payable at maturity. The following transactions of Smooth Notes Music Company occurred during 2018 and 2019: Click the icon to view the transactions.) Requirement 1. Record the transactions in Smooth Notes' journal. Explanations are not required. Mar 3: Purchased a piano (inventory) for $55,000, signing a six-month, 6% note payable. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Date Debit Credit 2018 Mar 3 May 31: Borrowed $108,000 on a 5% one-year note payable. Journal Entry Accounts Debit Credit Date 2018 May 31 Sep 3: Paid the six-month, 6% note at maturity. Journal Entry Accounts Date Debit Credit 2018 Sep 3 Dec 31: Accrued warranty expense, which is estimated at 2.0% of sales of $202,000. Journal Entry Date Accounts Debit Credit 2018 Dec 31 Dec 31: Accrued interest on the outstanding note payable. Journal Entry Accounts Debit Credit Date 2018 Dec 31 May 31: Paid the outstanding note payable at maturity. Journal Entry Date Accounts Debit Credit 2019 May 31