Non-Interest-Bearing Notes Payable On October 1, 2017, Timur Enterprises borrowed $17,600 from Redhills Savings and Lean by issuing a 12-month note. The bank discounted the note at 9% Required: 1. Identify and analyze the effect of the issuance of the note. Activity Accounts Statements) 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, le, decrease, be sure to enter the answer with a minus sign. Remember if a contra account is increased it will have the effect of decreasing the corresponding financial statement. Item Balance Sheet State Stockholders Assets Liabilities Equity Revenues 2. Identify and analyze the effect of the actrual of interest on December 31, 2017. Activity Accounts Statement(s How does this entry affect the accounting equation? If a financial statement term is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, I., a decrease, be sure to enter the answer with a minus sign. Remember to contra account is increased, it will have the effect or decreasing the corresponding financial statement Item. Une months in calculation. Round your answers to the nearest dollar Balance Sheet Income Stat Stockholders' Equity Assets Liabilities Revenues 3. Identify and analyze the effect of the payment of the note on October 1, 2018 Activity Accounts Statement(s) How does this entry affect the accounting equation? Il a financial statement item is not affected, select "No Entry and leave the amount box blank of the effect on a financial statement item is negative, te, a decrease, be sure to enter the answer with a minus ston. Remember. Ita contra account is increased, it will have the effect of decreasing the corresponding financial statement item, Round your answers to the nearest dollar Balance Sheet Income State Stockholders' Equity Assets Liabilities Revenues 4. What effective rate of interest di Timur pwy? Hound effective interest rate calculations to four decimal places, but enter as a percentage with two decimals for example, 17620 rounds to 1763 and would be entered as 17.6), indicating 17.63