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Posted: **Mon May 30, 2022 7:08 am**

: On May 2 Metlock Company Lends 8 900 To Chang Inc Issuing A 6 Month 8 Note At The November 2 Maturity Date Cha 1 (30.07 KiB) Viewed 17 times

: On May 2 Metlock Company Lends 8 900 To Chang Inc Issuing A 6 Month 8 Note At The November 2 Maturity Date Cha 2 (24.06 KiB) Viewed 17 times

: On May 2 Metlock Company Lends 8 900 To Chang Inc Issuing A 6 Month 8 Note At The November 2 Maturity Date Cha 3 (20.86 KiB) Viewed 17 times

On May 2, Metlock Company lends $8,900 to Chang, Inc., issuing a 6-month, 8% note. At the November 2, maturity date, Chang indicates that it cannot pay. Parts b and care 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 Debit Credit May 2
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
Prepare the entry to record the dishonor of the note, instead assuming that Metlock Company does not expect collection in the future. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 2