Question $6$ of $6$

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On May $2,$ Oriole Company lends $$11,200$ to Chang. Inc., issuing a $6-$month, $6\%$ note. At the November $2,$ maturity date, Chang indicates that it cannot pay. Parts b and c are independent assumptions.

$($a$)$

Prepare the entry to record the issuance of the note. $($Credit account titles are automatically indented when amount is entered. Do not Indent manually.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[$May $2,,,]]$

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$($b$)$

Prepare the entry to record the dishonor of the note, assuming that Oriole Company expects collection will occur. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date Account Titles and Explanation Credit

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$($c$).$

Prepare the entry to record the dishonor of the note, instead assuming that Oriole Company does not expect collection in the future. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[$Nov$.2,,,]]$

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