Leahy Inc signed a 90day, 8 note payable for $24,840 on December 16 Use the financial statement effects template to illustrate the yearend December 31 accounting adjustment Leahy must make Note For each account category, indicate the appropriate account name Enter N A for any account category that is not used for a given transaction Note Indicate a decrease in an account category by including a negative sign with the amount Note Round your answers to the nearest whole dollar Balance Sheet Income Statement Transaction Cash Asset Noncash Assets Liabilities Contrib Capital Earned Capital Revenues Expenses Net Income Dec 31 adjustment CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN A CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN A CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN A CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN A CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN A CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN A CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN A

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Question: Leahy Inc. signed a 90day, 8% note payable for $24,840 on December 16. Use the financial statement effects template to illustrate the yearend December 31

Leahy Inc. signed a 90day, 8% note payable for $24,840 on December 16. Use the financial statement effects template to illustrate the yearend December 31 accounting adjustment Leahy must make. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Note: Round your answers to the nearest whole dollar.

	Balance Sheet	Income Statement
Transaction	Cash Asset	+	Noncash Assets	=	Liabilities	+	Contrib. Capital	+	Earned Capital	Revenues	-	Expenses	=	Net Income
Dec 31 adjustment				=							-		=
	CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN/A		CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN/A		CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN/A		CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN/A		CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN/A	CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN/A		CashInterest ExpenseInterest PayableInterest RevenuePrepaid Interest ExpenseRetained EarningsN/A

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