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On May 2, Windsor Company lends $8,300 to Chang, Inc., issuing a 6-month, 8% note. At the November 2 , maturity date, Chang indicates that
On May 2, Windsor Company lends $8,300 to Chang, Inc., issuing a 6-month, 8% note. At the November 2 , maturity date, Chang indicates that it cannot pay. Parts b and c are independent assumptions. Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) \begin{tabular}{llll} \hline Date & Account Titles and Explanation & Debit & Credit \\ May 2[ \end{tabular} Prepare the entry to record the dishonor of the note, assuming that Windsor Company expects collection will occur. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) eTextbook and Media Assistance Used List of Accounts Prepare the entry to record the dishonor of the note, instead assuming that Windsor Company does not expect collection in the future. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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