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On May 2, Sheridan Company lends $10,800 to Chang, Inc., issuing a 6-month, 12% note. At the November 2, maturity date, Chang indicates that
On May 2, Sheridan Company lends $10,800 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.) Date Account Titles and Explanation May 2 Debit Credit eTextbook and Media
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Cornerstones of Financial and Managerial Accounting
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
2nd edition
978-0538473484, 538473487, 978-1111879044
