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On March 1, LGE asks to extend its...

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Accounting

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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%. $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 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 $1,200 account payable by paying cash of $200 and issuing a 180 -day, 8%,$1,000 note payable. Note: Enter debits before credits. 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 August 28 entry for LGE when it pays the note and interest to Tyson. Journal entry worksheet Record LGE's entry for payment of the note and interest to Tyson. Note: Enter debits before credits

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