On May 2, George Company lends $7,600 to Takei, Inc., issuing a 6-month, 9% note. At the maturity date, November 2, Takei indicates that it cannot pay. Instructions

(a) Prepare the entry to record the issuance of the note on May 2

(b) Prepare the entry to record the collection of the note on Nov. 2, assuming that George Company expects collection will occur (c) Prepare the entry to record the collection of the note on Nov. 2, assuming that George Company does not expect collection in the future