On May 2 P. Brey Company lends ($ 4,000) to Feingold Inc., issuing a 6-month (10 %)

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On May 2 P. Brey Company lends $\$ 4,000$ to Feingold Inc., issuing a 6-month $10 \%$ note. At the maturity date, November 2, Feingold indicates that it cannot pay.

\section*{Instructions}

(a) Prepare the entry to record the dishonor of the note, assuming that P. Brey Company expects collection will occur.

(b) Prepare the entry to record the dishonor of the note, assuming that P. Brey Company does not expect collection in the future.

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