Prepare the entry to record the dishonor of the note, assuming that McLain Company does not expect…


Question Description:

25

Prepare the entry to record the dishonor of the note, assuming that McLain Company does not expect… 1 answer below ยป On May 2, McLain Company lends $9,000 to Chang, Inc., issuing a 6-month, 9% note. At the maturity date, November 2, Chang indicates that it cannot pay. Instructions (a)Prepare the entry to record the issuance of the note. (b)Prepare the entry to record the dishonor of the note, assuming that McLain Company expects collection will occur. (c)Prepare the entry to record the dishonor of the note, assuming that McLain Company does not expect collection in the future. Jun 11 2014 04:09 PM

Answer

25