On March $1,$ LGE asks to extend its past$-$due $$3,200$ account payable to Tyson. Tyson agrees to accept $$700$ cash and a $180-$day, $8\%,$ $$2,500$ note payable to replace the account payable.

Note: Use $360$ days a year.

$(1)$ 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 $$3,200$ account payable by paying cash of $$700$ and issuing a $180-$day, $8\%,$$$2,500$ note payable.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$March $01,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$