During January, Gaston Wholesalers experienced some difficulties with cash flow so it approached one of its vendors about a payment extension. The vendor agreed to the extension on the condition that the company sign a 30-day note that includes 9% interest. What journal entry is needed to record the extension on the day that the vendor agrees to it? | What is the impact on the accounting equation of recording the cash payment of interest payable that was accrued previously? On April 1, Genuine Services accepted a $25,000 advance payment from a customer for services to be provided in the future. The contract requires the company to review operations at each of the customer's six locations over the next 6 months. What is the impact on the accounting equation of recording this transaction on April 1st?