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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%,
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. (Use 360 days a year.) (1) Prepare the March 1 entry for LGE. (2) Prepare the September 27 entry for LGE when it pays the note and interest to Tyson. View transaction list Journal entry worksheet < 1 Record LGE's entry to extend its past-due $1,200 account payable by paying. cash of $200 and issuing a 180-day, 8%, $1,000 note payable. Note: Enter debits before credits. Date March 01 General Journal Debit Credit View general journal Record entry Clear entry
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