takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Notes Payable and Interest On July 1, 2017, Kami's Crafts borrowed $15,000 from the bank. Kami signed a ten-month, 8% promissory note for the entire amount. Kami's uses a calendar year-end. Required: 1. Identify and analyze the effect of the issuance of the promissory note. 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, l.e, a decrease, be sure to enter the answer with a minus sign. Assets Balance Sheet Liabilities + Stockholders' Equity Revenues 2. Identify and analyze the effect of any adjustments needed at year-end. Check My Work Previous Assets Cash Feedback Check My Work Partially correct Balance Sheet Stockholders' Income Statement Liabilities Equity Revenues Expert 0X Notes Payable x OV No Entry No Entry 4 >Identify and analyze the effect of any adjustments needed at year-end. Activity Accounts Operating Interest Payable Increase, Interest Expense Increase Statement(s) Balance Sheet and Income Statement Feedback Check My Work There are four types of adjusting entries 1. Deferred exoense the cash is paid before the expense is incurred. The edusting entry is made to write off the asset and record the expense, Assets Cash Feedback Check My Work Partially correct Balance Sheet Stockholders' Income Statement Liabilities Equity Revenues Expert 0X Notes Payable x OV No Entry No Entry 4 >Identify and analyze the effect of any adjustments needed at year-end. Activity Accounts Operating Interest Payable Increase, Interest Expense Increase Statement(s) Balance Sheet and Income Statement Feedback Check My Work There are four types of adjusting entries 1. Deferred exoense the cash is paid before the expense is incurred. The edusting entry is made to write off the asset and record the expense, Income Statement Revenues Expenses try 0 No Entry 0 to write off the asset and record the expense. Net = Income 0 Previous n a financial statement item is negative, i.e, a decrease, be sure to enter round your final answer to the nearest dollar. Income Statement Revenues Expenses No Entry 0 Interest Expense 0x pense Increase Net = Income 0 X Previous 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, ie, 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 dolla Balance Sheet Assets Liabilities Cash Notes Payable No Entry Interest Payable Feedback Check My Work Partly comed Check My Work Partially correct Income Statemen Stockholders Equity Revenues OX No Entry 0 Interest Expense 0 No Entry teo Entry Previous S es Income Statement Expenses Net Income 0 Interest Expense 0X 0 X 0 No Entry 0 0