Glenn Brantley owns Brantley$$s Auto Sales. He periodically borrows money from 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 $20$X$1.$

DATE TRANSACTIONS

March $4,20$X$1$ Mr$.$ Brantley borrows $$41,760$ from the bank on a note payable for the business. Terms of the note are $11$ percent interest for $45$ days.

March $11,20$X$1$ A $90-$day $$50,400$ non$-$interest bearing note payable to the bank is discounted at a rate of $12$ percent.

March $22,20$X$1$ Sold a car to Donald Coda for $$28,800$ on a $75-$day note receivable, bearing interest at $8$ percent.

March $23,20$X$1$ Discounted the Coda note with the bank. The bank charges a discount rate of $11$ percent.

March $25,20$X$1$ Sold a car for $$38,880$ to Quinton Booker. Booker paid $$3,000$ cash and signed a $30-$day note, bearing interest at $12$ percent, for the balance.

March $28,20$X$1$ James Thomas$$s account receivable is overdue. Brantley requires him to sign a $12$ percent, $30-$day note for the balance of $$48,960.$

Additional Data

Brantley pays all the company$$s notes payable on time.

Donald Coda defaults on his $$28,800$ note and the bank charges the company$$s checking account for the maturity value of the note and a service fee of $$58.$

Quinton Booker pays his note on time.

James Thomas pays his note on time.

Required:

Record each of the March transactions in the general journal.

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 $25?$