On March 1, LGE asks to extend its past-due $1,200 account payable to Tyson. Tyson agrees to
Question:
On March 1, LGE asks to extend its past-due $1,200 account payable to Tyson. Tyson agrees to accept $200 cash and a 180-day, 8%, $1,000 note payable to replace the account payable.
(1) Prepare the March 1 entry for LGE.
(2) Prepare the September 27 entry for LGE when it pays the note and interest to Tyson.
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Journal entry 1 and 2 Date Account title and explanation Debit Credi...View the full answer
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Related Book For 
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
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