On November 1, Year 1, a company borrows $59,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 > Record the issuance of note. Note: Enter debits before credits. Date General Journal Debit Credit November 01 Record entry Clear entry View general journal On November 1, Year 1, a company borrows $59,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal On November 1, Year 1, a company borrows $59,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the repayment of the note at maturity. Note: Enter debits before credits. Date General Journal Debit Credit February 01 Record entry Clear entry View general journal If the company had erroneously failed to record the adjusting journal entry on December 31, year 1, what would have been the effect on the financial statements? Multiple Choice Net income would have been overstated (too high) and liabilities would have been understated (too low). Net income would have been overstated (too high) and liabilities would have been overstated (too high). Net income would have been understated (too low) and liabilities would have been overstated (too high). Net income would have been understated (too low) and liabilities would have been understated (too low)