The following were among transactions of Janieson Ltd during the financial years ending 30 June 2020.

1 March Janieson Ltd discounted its own 120-day bill of exchange made out to the South Bank. The face value of the bill was $500,000 and the bill was discounted at 8% p.a.

30 June Paid South Bank the amount due on the bill.

Required

Prepare general journal entries to record the above transactions. Assume 360 days in a year