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Exercise 8-15 On May 2, McLain Company lends $9,000 to Chang, Inc., Issuing a 6-month, 7% note. At the maturity date, November 2, Chang indicates

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Exercise 8-15 On May 2, McLain Company lends $9,000 to Chang, Inc., Issuing a 6-month, 7% note. At the maturity date, November 2, Chang indicates that it cannot pay Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent man Account Titles and Explanation Debit Credit Date May 2 Prepare the entry to record the dishonor of the note, assuming that McLain Company expects collection will occur. (Credit account titles are automatically bo not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 2 Date Account Titles and Explanation Debit Credit Nov. 2 Prepare the entry to record the dishonor of the note, assuming that McLain Company does not expect collection in the futur entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 2 Click if you would like to Show Work for this question: Open Show Work

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