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On March 1, LGE asks to extend its past-due $5,600 account payable to Tyson. Tyson agrees to accept $1,300 cash and a 180- day,

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On March 1, LGE asks to extend its past-due $5,600 account payable to Tyson. Tyson agrees to accept $1,300 cash and a 180- day, 8%, $4,300 note payable to replace the account payable. (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. View transaction list Journal entry worksheet < 2 Record LGE's entry to extend its past-due $5,600 account payable by paying cash of $1,300 and issuing a 180-day, 8%, $4,300 note payable. Note: Enter debits before credits Date March 01 General Journal Debit Credit

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