On December 31,2016,interest of $1,500 has accrued on a bank note.This interest payment is due on January 20,2017.If no adjusting entry is made on December 31,2016,indicate the effect on assets,liabilities,equity,and net income.
$$\begin{array} { | l | l | }
\hline & \text { Understated, Overstated, No Effect } \
\hline \text { Assets } & \
\hline \text { Liabilities } & \
\hline \text { Equity } & \
\hline \text { Net Income } & \
\hline
\end{array}$$

Question

On December 31,2016,interest of $1,500 has accrued on a bank note.This interest payment is due on January 20,2017.If no adjusting entry is made on December 31,2016,indicate the effect on assets,liabilities,equity,and net income.
 $$\begin{array} { | l | l | } 
\hline & \text { Understated, Overstated, No Effect } \
\hline \text { Assets } & \
\hline \text { Liabilities } & \
\hline \text { Equity } & \
\hline \text { Net Income } & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On December 31,2016,interest of $1,500 has accrued on a bank note.This interest payment is due on January 20,2017.If no adjusting entry is made on December 31,2016,indicate the effect on assets,liabilities,equity,and net income.
 $$\begin{array} { | l | l | } 
\hline & \text { Understated, Overstated, No Effect } \
\hline \text { Assets } & \
\hline \text { Liabilities } & \
\hline \text { Equity } & \
\hline \text { Net Income } & \
\hline
\end{array}$$

On December 31,2016,interest of $1,500 Has Accrued on a Bank