Notes Receivable On September 1, 2017, Seacrest Inc. accepted a six-month, 7%, $48,000 interest-bearing note from Delgado Enterprises in payment of an account receivable. Seacrest's year-end is December 31. Delgado 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 Delgado Enterprises and the payee is Seacrest Inc. 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 Notes Receivable Increase, Accounts Receivable Decrease Statement(s) Balance Sheet only Feedback 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 + Equity Revenues Expenses Income Liabilities No Entry Notes Receivable 45,000 No Entry No Entry Accounts Receivable 45,000 No Entry No Entry No Entry b. December 31, 2017 Activity Operating Accounts Interest Receivable Increase, Interest Revenue Increase Statement(s) Balance Sheet and Income Statement Feedback 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 Interest Receivable 1,050 X No Entry 1,050 Interest Revenue 1,050 x No Entry 1,050 x C. March 1, 2018 Activity Operating Accounts Cash Increase, Notes Receivable Decrease, Interest Receivable Decrease, Interest Revenue Increase Statement(s) Balance Sheet and Income Statement Feedback 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 Cash 46,575 No Entry 525 Interest Revenue 525 X 525 x No Entry No Entry Interest Receivable 1,050 x No Entry No Entry Notes Receivable -45,000 No Entry No Entry No Entry