Identify the effects on the accounting equation for the following transactions involving notes payable for Marcus Co year ends September 30. Round all numbers to the nearest penny.
Sept. 10 Received cash for a 60-day, 12 percent, $10,000 note payable. Interest is in addition to the face value.
30 Made end-of-year adjusting entry to accrue interest expense for the note. Nov. 9 Paid amount due on the note plus interest.

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The Answer of Identify the effects on the accounting equation for the following transactions involving notes payable for Marcus Co year ends September 30. Round all numbers to the nearest penny.
Sept. 10 Received cash for a 60-day, 12 percent, $10,000 note payable. Interest is in addition to the face value.
30 Made end-of-year adjusting entry to accrue interest expense for the note. Nov. 9 Paid amount due on the note plus interest.

Identify the Effects on the Accounting Equation for the Following