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w9p3 On May 2, Metlock Company lends $8,900 to Chang, Inc., issuing a 6-month, 8% note. At the maturity date, November 2, Chang indicates that
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On May 2, Metlock 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 automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 2 e Textbook and Media List of Accounts Prepare the entry to record the dishonor of the note, assuming that Metlock Company expects collection will occur. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 2 eTextbook and Media List of Accounts Prepare the entry to record the dishonor of the note, assuming that Metlock Company does not expect collection in the future. Metlock Company uses the allowance method to write off uncollectible accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 2 e Textbook and Media List of AccountsStep by Step Solution
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