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Prepare the entry to record the issuance of the note

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Question - On May 2, Kingbird Company lends $9,900 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.

Prepare the entry to record the issuance of the note.

Prepare the entry to record the dishonor of the note, assuming that Kingbird Company expects collection will occur.

Prepare the entry to record the dishonor of the note, instead assuming that Kingbird Company does not expect collection in the future.

Reference no: EM133063728

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