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McKane Company has a six - month, $ 2 2 , 0 0 0 , 3 % note receivable from L . Silverthorn that was

McKane Company has a six

-

month, $

22, 000, 3 %

note receivable from L

.

Silverthorn that was signed on June

1, 2016 .

Silverthorn defaults on the loan on December

1 .

Journalize the entry for McKane to record the default of the loan.

(

Record debits first, then, credits. Select the explanation on the last line of the journal entry table.

)

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