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 20X1 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?