Identify and analyze the transaction on May 30, 2017, when Billings repays the principal and interest to First National.

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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, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Cash No Entry Assets = 10,000 X Liabilities + Stockholders' Equity Revenues Expenses Net Income 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, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Cash No Entry Assets = 10,000 X Liabilities + Stockholders' Equity Revenues Expenses Net Income