QUESTION 6 On September 1 you lent $10,000 to your accounting teacher at 15% interest (that's highway robbery!). The note matures the following May 31. * Prepare the entry on your books to accrue interest on the note on December 31. What is the impact on your financial statements if you fail to make this entry? (overstated, understated or ) Revenues Expenses Net income Assets Liabilities Owner's equity * Prepare the entry to record your collection of the note and interest at maturity. TTT Arial 3 (12pt) TEE D S