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 180day,8 ,$2,500 note payable Note Enter debits before credits

Question

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 180day,8 ,$2,500 note payable  Note  Enter debits before credits

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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%,

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