Knowledge Check 01 Delta Company performed $20,000 of services on account and recorded the amount due as a typical account receivable. Over time, it became apparent that the customer would not be able to pay quickly, so Delta required the customer to sign a six month, 11 percent promissory note on February 1 Year 2. The company then reclassified the existing account receivable as a note receivable. Which of the following will result from this action? Multiple Choice Both assets and liabilities decrease Both assets and revenues decrease Revenues decrease and liabilities increase No impact on the accounting equation