CAN SOMEONE HELP ME PREPARE AN ENTRY TABLE? On May 2, Blossom Company lends $8,400 to Chang, Inc., issuing a 6-month, 12% note. At the maturity date, November 2, Chang indicates that it cannot pay. ### Journal Entry Practice Exercise**Objective:**Learn and practice recording journal entries for issued notes and dishonored notes with expected collection.---#### Part (a): Record the Issuance of the Note**Instruction:**Prepare the journal entry to record the issuance of the note. Remember, credit account titles are automatically indented when the amount is entered. Do not indent manually.**Journal Entry Fields:**- **Date:** May 2- **Account Titles and Explanation:** (fill in the appropriate accounts)- **Debit:** (enter the amount)- **Credit:** (enter the amount)**Interface Elements:**- eTextbook and Media- List of Accounts- **Buttons:** - Save for Later - Submit Answer (Attempts: unlimited)---#### Part (b): Record the Dishonor of the Note**Instruction:**Prepare the journal entry to record the dishonor of the note, assuming Blossom Company expects collection will occur. Remember, credit account titles are automatically indented when the amount is entered. Do not indent manually.**Journal Entry Fields:**- **Date:** Nov. 2- **Account Titles and Explanation:** (fill in the appropriate accounts)- **Debit:** (enter the amount)- **Credit:** (enter the amount)---### Explanation of Interface1. **Date Field:** - Enter the date when the transaction is recorded.2. **Account Titles and Explanation:** - Provide the necessary account titles and a brief explanation of the transaction.3. **Debit and Credit Columns:** - Enter the transaction amounts under appropriate columns (Debit or Credit).4. **eTextbook and Media:** - Access textbooks and media related to the accounting principles being applied.5. **List of Accounts:** - A helpful tool to choose from a predefined list of account titles to ensure accuracy.6. **Save for Later:** - Option to save your current work and continue later.7. **Submit Answer:** - After filling in the required information, submit your answer. Note that there are unlimited attempts.By practicing these journal entries, you will reinforce your understanding of recording financial transactions related to notes and their collection expectation upon dishonor. ### Instructions for Recording the Dishonor of a Note**Step-by-Step Guide:**1. **Context:** - Situation: Blossom Company does not expect to collect on a certain note in the future. - Accounting Method: Blossom Company employs the allowance method to write off uncollectible accounts.2. **Entry Requirements:** - **Date:** November 2 - **Account Titles and Explanation:** List the appropriate account titles and explanations as per the allowance method of write-offs. - **Debit and Credit Columns:** Fill in the corresponding debit and credit amounts.3. **Important Note:** - Credit account titles will be automatically indented when the amount is entered. **Do not indent manually.** Here is the template for the journal entry:| Date | Account Titles and Explanation | Debit | Credit ||-------|-------------------------------|-------|--------|| Nov. 2 | [Account title] | [Amount] | || | [Account title] | | [Amount] |**Example Accounts:**- Bad Debt Expense- Allowance for Doubtful AccountsPlease ensure to correctly identify and input the specific account titles and amounts pertinent to your situation when preparing the actual entry.

a Date Particulars Debit Credit May 2 Note Receivable 8400 To Cash 8,400 (To record…

Answered: ecord the issuance of t

Business

Accounting

ecord the issuance of t

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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