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please and thank you On May 2, Sheridan Company lends $8,900 to Chang, Inc, issuing a 6 -month, 8% note. At the maturity date; November
please and thank you
On May 2, Sheridan Company lends $8,900 to Chang, Inc, issuing a 6 -month, 8% note. At the maturity date; November 2. Chang indicates that it cannot pay. (a) Prepare the entry to record the issuance of the note. (Credit account titles are outomatically indented when amount is entered. Do not indent manuilly. if no entry is required, select "No Entry" for the account titles and enter Of for the amounts.) (b) Prepare the entry to record the dishonor of the note, assuming that Sheridan Company expects collection will occur. (Credit account tities are cutomatically indented when amount is entered. Do not indent montully. If no entry is required, select "No Entry" for the account tities and enter O for the omounts.) Prepure the entry to record the dishonor of the note, assuming that Sheridan Company expects collection will occur, (Credit occount tibles are cutomstically indented when amount is entered Do not indent monuolly. If no entry is requilred, select "No Entry" for the account titles and enter 0 for the amounts) (c) Prepset the entry to record the dishonor of the note, assuming that Sheridan Compary does not expect collection in the future. (Credit occount tities are outomatically indented when amount is entered. Do not indent manually. If no entry is required select "No Entry" for the occount titles and enter ofor the amounts.) Step by Step Solution
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