On May 2, Oriole Company lends $11,200 to Chang, Inc., issuing a 6-month, 6% note. At the November 2, maturity date, Chang indicates that it cannot pay. Parts band c are independent assumptions. (a) Prepare the entry to record the issuance of the note. (Credit account titles indent manually) Date May 2 (b) Account Titles and Explanation Date Account Titles and Explanation Nov. 2 Prepare the entry to record the dishonor of the note, assuming that Oriole Company expects collection will occur. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) eTextbook and Media Nov. 2 List of Accounts Date Account Titles and Explanation automatically indented when amount is entered. Do not Debit eTextbook and Media Debit Prepare the entry to record the dishonor of the note, instead assuming that Oriole Company does not expect collection in the future. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Credit Debit Credit Credit

On May 2, Oriole Company lends $11,200 to Chang, Inc., issuing a 6-month, 6% note. At the November 2, maturity date, Chang indicates that it cannot pay. Parts band c are independent assumptions. (a) Prepare the entry to record the issuance of the note. (Credit account titles indent manually) Date May 2 (b) Account Titles and Explanation Date Account Titles and Explanation Nov. 2 Prepare the entry to record the dishonor of the note, assuming that Oriole Company expects collection will occur. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) eTextbook and Media Nov. 2 List of Accounts Date Account Titles and Explanation automatically indented when amount is entered. Do not Debit eTextbook and Media Debit Prepare the entry to record the dishonor of the note, instead assuming that Oriole Company does not expect collection in the future. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Credit Debit Credit Credit

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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