2. Ideatify and analyze the effect of the interest payment on Getober 1,2017 . Activity focounts Cash Decrease, Interest Expense Increase Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select 'No Entry and leave the amount box blank. If the effect on a financial statement item I 3. On December 31, Brend should record an accrued liability to recoqnize the interest expense incurred but not paid from Dctober 1 to December 31. 2. Ideatify and analyze the effect of the interest payment on Getober 1,2017 . Activity focounts Cash Decrease, Interest Expense Increase Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select 'No Entry and leave the amount box blank. If the effect on a financial statement item I 3. On December 31, Brend should record an accrued liability to recoqnize the interest expense incurred but not paid from Dctober 1 to December 31