Requirement 1. Record the transactions in Happy Bands' 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.) Mar Date 2018 3 Journal Entry Accounts May 31: Borrowed $114,000 on a 5% one-year note payable. Journal Entry Date 2018 May 31 Accounts Debit Credit Transactions 2018 Mar 3 Purchased a plano (Inventory) for $55,000, signing a six-month, 6% note payable. May 31 Borrowed $114,000 on a 5% one-year note payable. Sep 3 Paid the six-month, 6% note at maturity. Dec 31 Accrued warranty expense, which is estimated at 2.5% of sales of $202,000. 31 Accrued interest on the outstanding note payable. 2019 May 31 Paid the outstanding note payable at maturity. Debit Credit Print Done