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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
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 care independent assumptions. (a) (b) 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) Date Account Titles and Explanation Debit Credit Nov. 2 eTextbook and Media
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