Print by: KENYETTE WILLTAMS ACCT 2101-SP18-2os02-Section IA-Online-Crews/Homewor

Question

Print by: KENYETTE WILLTAMS ACCT 2101-SP18-2os02-Section IA-Online-Crews/Homework- Chapter B Exercise 8-15 On May 2. Larkspur, Inc. lends $79,200 to Chang, Inc., issuing a 6-month, 10% note. At the maturity date, November 2, Chang indicates that it cannot pay Prepare the entry to record the issuance ef the note. (Credit account ttles are automatically Indented when Is entered. Do not Indent manually,) May 2 Prepare the entry to record the dishonor of the note, assuming that Larkspur, Inc. expects collection will occur.(Creat account titles are automatically Indented when amount is entered. Do not indent manually) Nov. 2 Prepare the entry to record the dishonor of the note, assuming that Larkspur, Inc. does not expect collection in the future. (Credit account titles are automatically indented when amount ls entered. Do not ident ?????.) Date Account Tities Nov. 2 Question Attempts: 0 of 5 used

Explanation / Answer

May-02 Notes receivable 79200                  Cash 79200 Nov-02 Accounts receivable 83160                Notes receivable 79200                Interest revenue 3960 (79200*10%*6/12) Nov-02 Allowance for doubtful accounts 79200                Notes receivable 79200

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