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

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.