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Current Attempt in Progress On May 2, Blue Company lends $8,300 to Chang, Inc., issuing a 6-month, 6% note. At the November 2, maturity date,
Current Attempt in Progress On May 2, Blue Company lends $8,300 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.) Prepare the entry to record the dishonor of the note, assuming that Blue Company expects collection will occur. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the entry to record the dishonor of the note, instead assuming that Blue Company does not expect collection in the future. (Credit occount titles are automatically indented when amount is entered. Do not indent manually.)
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