On March 1, LGE asks to extend its past-due $1,200 account payable to Tyson. Tyson agrees to

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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 August 28 entry for LGE when it pays the note and interest to Tyson.

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Financial And Managerial Accounting

ISBN: 9781260728774

9th Edition

Authors: John J. Wild

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Question Posted: Jan 23, 2024 12:00 PM

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On March 1, LGE asks to extend its past-due $1,200 account payable to Tyson. Tyson agrees to

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Alright lets break it down First lets understand the key parts of these transactions On March 1 LGE ...View the full answer

Financial And Managerial Accounting

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