Using the data from the previous exercise, complete the following requirements.

Required: 1. Determine the financial statement effects for each of the following:

(a) issuance of the note on November 1.

(b) impact of the adjusting entry at the end of the accounting period, and

(c) the payment of the note and interest on April 30, 2004. Indicate the effects (e.g., cash + or -), using the following schedule:

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Date Assets Liabilities Stockholders' Equity 2. If Dayton Hudson needs extra cash every Christmas season, should management borrow money on a long-term basis to avoid negotiating a new short-term loan each year?