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 TRANSACTIONS 201 45 days 11 A 90 -day $43,200 note payable to the bank is discounted at a rate of 11 percent. 22 Sold a car to Darnell Jones for $31,680 on a 75 -day note receivable, bearing interest at 11 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 13 percent. for the balance. $31,680. Additional Data a. Howard pays all the company's notes payable on time b. Darnell Jones defaults on his $31,680 note and the bank charges the company's checking account for the maturity value of the note and a service fee of $51 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. 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 TRANSACTIONS 201 45 days 11 A 90 -day $43,200 note payable to the bank is discounted at a rate of 11 percent. 22 Sold a car to Darnell Jones for $31,680 on a 75 -day note receivable, bearing interest at 11 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 13 percent. for the balance. $31,680. Additional Data a. Howard pays all the company's notes payable on time b. Darnell Jones defaults on his $31,680 note and the bank charges the company's checking account for the maturity value of the note and a service fee of $51 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