Exercise 9.6 (Algo) Note given to extend credit period LO P1 On March 1, LGE asks to extend its past-due $2,000 account payable to Tyson. Tyson agrees to accept $400 cash and a 180-day, 8%, $1,600 note payable to replace the account payable. (Use 360 days a year.) (i) Prepare the March 1 entry for LGE. (2) Prepare the August 28 entry for LGE when it pays the note and interest to Tyson. Journal entry worksheet Record LGE's entry to extend its past-due $2,000 account payable by paying cash of $400 and issuing a 180 -day, 8%,$1,600 note payable. Note: Enter debits before credits. (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. Journal entry worksheet Record LGE's entry to extend its past-due $2,000 account payable by paying cash of $400 and issuing a 180 -day, 8%,$1,600 note payable. Note: Enter debits before credits. (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. Journal entry worksheet Record LGE's entry for payment of the note and interest to Tyson. Note: Enter debits before credits