On May 2, Whispering Company lends $8,800 to Chang, Inc., issuing a 6-month, 12% note. At the
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On May 2, Whispering Company lends $8,800 to Chang, Inc., issuing a 6-month, 12% note. At the November 2, maturity date, Chang indicates that it cannot pay. Parts b and c are independent assumptions.
(a)
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Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
|---|---|---|---|
May 2 | enter an account title for the journal entry on May 2 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on May 2 | enter a debit amount |
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