On May 2 Gore Company lends $4,000 to Global Inc., issuing a 6-month, 6% note. At the

Question:

On May 2 Gore Company lends $4,000 to Global Inc., issuing a 6-month, 6% note.

At the maturity date, November 2, Global indicates that it cannot pay.

Instructions

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

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

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