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On March 1, LGE asks to extend its past-due $9,200 account payable to Tyson, Tyson agrees to accept $2,200 cash and a 180-day, 8%, $7,000

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On March 1, LGE asks to extend its past-due $9,200 account payable to Tyson, Tyson agrees to accept $2,200 cash and a 180-day, 8%, $7,000 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

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