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On May 2, Blossom Company lends $8,400 to Chang, Inc., issuing a 6-month, 12% note. At the November 2, maturity date, Chang indicates that it

On May 2, Blossom Company lends $8,400 to Chang, Inc., issuing a 6-month, 12% 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.)

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