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please answer all parts thank you James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust He permits
please answer all parts thank you
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 $57,600 from the bank on a note payable for the business. Terms of the note are 11 percent interest for 45 days. 11 A 90-day $36,000 note payable to the bank is discounted at a rate of 7 percent. 22 Sold a car to Darnell Jones for $28,800 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. 25 Sold a car for $25,920 to Henry Thomas. Thomas paid $3,000 cash and signed a 30-day note, bearing interest at 8 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 9 percent, 30-day note for the balance of $51,840. Additional Data a. Howard pays all the company's notes payable on time. b. Darnell Jones 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 $62 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 found intermediate calculations. Round your answers to 2 decimal places) View transaction list View transacuon list Journal entry worksheet 2 3 4 5 6 Record borrowal from the bank. Note: Enter debits before credits. General Journal Debit Credit Date Mar. 4. 20X1 Record entry Clear entry View general journal PH Next Journal entry worksheet Record sale of car to Henry Thomas. Note: Enter debits before credits. General Journal Debit Credit Date Mar 25, 20X1 Record entry Clear entry View general journal Journal entry worksheet Record the entry for the maturity of the $57/600 note. Note: Enter debits before credits General Journal Debit Credit Date April 18, 20x1 Pry 1 of 6 : Next > Journal entry worksheet Record the entry for the maturity of the $36,000 note. Note: Enter debits before credits. Date General Journal Debit Credit June 9, 20X1 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 Record the entry for the maturity and default of the Darnell Jones note. Note: Enter debits before credits. Date General Journal Debit Credit June 5, 20X1 Record entry Clear entry View general Journal Next Journal entry worksheet 1 2 3 4 5 > Record the entry for the maturity of the Henry Thomas note. Note: Enter debits before credits. General Journal Debit Credit Date April 24, 20X1 Record entry Ciar entry View general journal Next Journal entry worksheet Record the entry for the maturity of the Alfred Herron note. Note: Enter debits before credits. General Journal Debit Credit Date April 27, 20X1 Record entry Clear entry View general journal Analyzed 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 What is the Notes Payable account balance on March 252 Notes payable Step by Step Solution
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