Interest Paydcve Bings Company takes out a 12 % , 90-day , $108,000 loan with First National Bank on March 1, 2017. Assume a 360-day year. Required: 1. Identify and analyze the transaction to take out the loan on March 1, 2017 Operating Activity Cash Increase, Notes Payable Increase Accounts Balance Sheet only Statement(s) 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 is negative, Le, a decrease, be sure to enter the nswer with a minus sign. How does this entry affect the accounting equation? Income Statement Balance Sheet Stockholders Expenses Revenues Equity Liabilities Assets No Entry No Entry Notes Payable 108.000 Cash 108,000 month of March 2017 2. 1dentity and analyze the adjustments for the Operating Activity Interest Payable Increase, Interest Expense Increaser Accounts Balance Sheet and Income Statement Statement(s) How does this entry alffect 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 is negative, ie, a decrease, be sure to enter the answer with a minus sign De not round intermediate calculations. If required, round your final answer to the nearest dollar 2. Identify and analyze the adjustments for the month of March 2017 Operating Activity Interest Payable Increase, Interest Expense Increase Accounts Balance Sheet and Income Statement Statement(s) How does this entry affect the accounting equation? If a finandial statement item is not affected, select "No Entry" and leave the amount box blank, If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Do not round intermediate calculations. If required, round your final answer to the nearest dollar Income Statement Balance Sheet Stockholders Expenses Assets Liabilities Equity Revenues No Entry Interest Payable No Entry Identify and analyze the adjustments for the month of April 2017. Activity Accounts 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 is negative, ie, a decrease, be sure to enter the answer with a minus sign. Do not round intermediate calculations. If required, round your final answer to the nearest dollar. Balance Sheet Income Statement Stockholders Assets Liabilities Equity Revenues Expe 3. Identify and analyze the transaction on May 30, 2017, when Billings Company repays the principal and interest to First National Bank Activity Accounts 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 is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders Assets Liabilities Equity Revenues Expe