Notes Payable A business issued a 90-day, 7% note for $30,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording (a) the issuance of the note and (b) the payment of the note at maturity, including interest. a. Illustrate the effects on the accounts and financial statements of recording the issuance of the note Balance Sheet Statement of Cash Flows Stockholders Assets Liabilities Income Equity Statement Accounts Notes payable payable Statement of Cash Flows Income Statement No effect No effect