Notes Receivable On September 1, 2017, Dougherty Corp. accepted a six-month, 7%, $30,000 interest-bearing note from Rozelle Company in payment of an account receivable. Dougherty's year-end is December 31. Rozelle paid the note and interest on the due date. Assume 360 days in the year. Required: 1. Who is the maker and who is the payee of the note? The maker is Rozelle Company and the payee is Dougherty Corp. 2. What is the maturity date of the note? March 1, 2018 3. Identify and analyze the effect of the transactions or adjustments to be recorded on each of the following dates: a. September 1, 2017 Activity Operating Accounts X 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' Net Assets Liabilities + Equity Revenues Expenses Income X X X X X X b. December 31, 2017 Activity Operating Accounts Interest Receivable Increase, Interest Revenue Decrease X Statement(s) Balance Sheet only X b. December 31, 2017 Activity Operating Accounts Interest Receivable Increase, Interest Revenue Decrease X Statement(s) Balance Sheet only X 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. Do not round intermediate calculations. If required, round your final answer to the nearest dollar. Balance Sheet Income Statement Stockholders' Net Assets Liabilities Equity Revenues Expenses Income X X X c. March 1, 2018 Activity Operating Accounts Cash Increase, Notes Receivable Decrease, Interest Receivable Decrease, Interest Revenue Decrease X Statement(s) Balance Sheet only X 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 Do not round intermediate calculations. If required, round your final answer to the nearest dollar. minus sign. Balance Sheet Income Statement Stockholders' Net Assets Liabilities Equity Revenues Expenses Income X