- On May 1, ABC Co. borrowed $60,000 on a 6-month, 10% note. The accounting period ends at Dec. 31. Which of the following is not the effect of the payment at maturity? ) Liabilities are decreased by $60,000 3) Expenses are increased by $3,000 ) Total assets are decreased by $63,000 ) Liabilities are increased by $60,000 - Izzy Corporation was organized on January 1, 2016. $4.000.000 is the beginning balance of