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Prepare the entry to record the issuance of the note

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Question - On May 2, Novak Company lends $9,400 to Chang, Inc., issuing a 6-month, 8% note. At the November 2, maturity date, Chang indicates that it cannot pay. Parts b and c are independent assumptions.

Required - Prepare the entry to record the issuance of the note.

Reference no: EM133154489

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