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On July 1, 2017, Kamer's Trinkets borrowed $39,000 from the bank. Kamer signed a ten-month, 8% promissory note for the entire amount. Kamer's uses a

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On July 1, 2017, Kamer's Trinkets borrowed $39,000 from the bank. Kamer signed a ten-month, 8% promissory note for the entire amount. Kamer's uses a calendar year-end. Required: 1. Identify and analyze the effect of the issuance of the promissory note. Activity Investing in Accounts Cash Increase, Notes Payable Decrease Statement(s) Balance Sheet only How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount item is negative, le, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Assets Liabilities Equity Revenues 39,000 Notes Payable 39,000 2. Identify and analyze the effect of any adjustments needed at year-end. Activity Accounts 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, le, a decrease, be sure to enter the answer with a minus sign. Use months in calcu calculations. If required, round your final answer to the nearest dollar. Balance Sheet Stockholders' Assets Liabilities Equity Revenues 3. Identify and analyze the effect of the payment of principal and interest Activity Accounts 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. Use months in calculation. Do not round intermediate calculations. If required, round your final answer to the nearest dollar. Balance Sheet Income Statement Stockholders' Liabilities Equity Revenues

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