On March 1, LGE asks to extend its past-due $6,000 account payable to Tyson. Tyson agrees to accept $1,400 cash and a 180-day, 8%, $4,600 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.

Journal entry worksheet Record LGE's entry to extend its past-due $6,000 account payable by paying cash of $1,400 and issuing a 180 -day, 8%,$4,600 note payable. Note: Enter debits before credits. Journal entry worksheet Record LGE's entry for payment of the note and interest to Tyson. Note: Enter debits before credits