On May 2, McLain Company lends $9,000 to Chang, Inc., issuing a 6-month, 9% not. at the maturity date, November 2, Chang indicates that it cannot pay.

Kerwick Company had accounts receivable of $100,000 on January 1, 2019. the only transactions that affected accounts receivable during 2019 were net credit sales of $1,000,000, cash collections of $920,000, and accounts written off of $30,000.

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