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On May 2, Swifty Company lends $11,600 to Chang. Inc., issuing a 6-month, 12% note. At the November 2, maturity date, Chang indicates that

On May 2, Swifty Company lends $11,600 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

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