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Analyzing and Computing Financial Statement Effects of Interest Leahy Inc. signed a 90-day, 8% note payable for $13,800 on December 16. Use the financial statement
Analyzing and Computing Financial Statement Effects of Interest Leahy Inc. signed a 90-day, 8% note payable for $13,800 on December 16. Use the financial statement effects template to illustrate the year-end December 31 accounting adjustment Leahy must make. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Note: Round your answers to the nearest whole dollar. Balance Sheet Income Statement Cash Asset + Noncash Assets Liabilities + Contrib. Capital Revenues Expenses Net Inco 0 0 $ 1,104 x 0 Earned Capital $ 1,104 x Retained Earnings N/A 0 $ 0 x = $ NA N/A Interest Payable N/A Interest Expense
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