Jose Company sels a wide range of goods through two retail stores operated in adjoining cities, Jose purchases most of the goods it selis in its stores on credit, promising to pay suppliers later, Occasionally, a short-term note payable is used to obtain cash for current use. The following transections were selected from those occurring during the fiscal year, which ends on December 3 : a. Purchased merchandise on credit for $21,500 on January to. b. Borrowed $50,000 cash on March 1 from City Eank by signing an interest-bearing note payable. The note is due at the end of six months (August 37 ) and has an annual interest rate of it percent payable at maturity. Required: 1. Describe the impact of each transaction on the balance sheet equation. Indicate the effects (e.g. cash + or - ) using the format below You do not need to include amounts, just accounts and the direction in which they are affected. 2. What amount of cosh is paid on the maturity date of the note? Complete this question by entering your answers in the tabs below. Describe the impact of cach transaction on the balance sheet equation, indicate the effects (e.g4 cash + or - ) using the formatibelow, You do not need to indude amounts, Just pccounts and the direction in which they are affected. Notel If no impact on the accounting equation feave cells blank. Indicate the direction of the effect by seiecting "+ " for increase, "_- for decrease from the. drap down menu. Jose Company sells a wide range of goods through two retail stores operated in adjoining cities. Jose purchases most of the goods it sells in its stores on credit, promising to pay suppllers later. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the fiscal year, which ends on December 31 : a. Purchased merchandise on credit for $21,500 on January 10 . b. Borrowed $50,000 cash on March 1 from City Bank by signing an interest-bearing note payable. The note is due at the end of six months (August 31) and has an annual interest rate of 11 percent payable at maturity. Required: 1. Describe the impact of each transaction on the balance sheet equation. Indicate the effects (e.g., cash + or - ) using the format below. You do not need to include amounts, just accounts and the direction in which they are affected. 2. What amount of cash is paid on the maturity date of the note? Complete this question by entering your answers in the tabs below. What amount of cash is paid on the maturity date of the