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On June 5, Sue Company agrees to accept a 90 day, 8%5,000 note from George Company to extend the due date on an overdue accounts

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On June 5, Sue Company agrees to accept a 90 day, 8%5,000 note from George Company to extend the due date on an overdue accounts payable. What is the journal entry needed to record the transaction by George Company? debit accounts payable $5,000 and credit notes payable \$5,000 debit notes payable $5,000 and eredit thcounts payable $5,000 debit accounts receivable $5,000 and credit notes receivable 55,000 debit notes receivable $5,000 and credit accounts receivable $5,000

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