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On May 2, Oriole Company lends $11,200...

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Accounting

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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 b and c are 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.) Prepare the entry to record the dishonor of the note, assuming that Oriole Company expects collection will occur. (Credit occount titles are automaticalfy indented when amount is entered. Do not indent manually.) Prepare the entry to record the dishonor of the note, instead assuming that Oriole Compary does not expect collection in the future. (Credit account titles are automatically indented when amount is entered. Do not indent manually)

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