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. Note: Use 360 days a year. (0) Prepare the March 1 entry for LGE. (2) Prepare the August 28 entry for LGE when it pays the note and interest to Tyson. Please use the picture and insert where the answers go

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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. Note: Use 360 days a year. (0) Prepare the March 1 entry for LGE. (2) Prepare the August 28 entry for LGE when it pays the note and interest to Tyson. Please use the picture and insert where the answers go!!
On March 1, LGE asks to extend its past-due $9,200 account payable to Tyson. Tyson agrees to acc
8% $7,000 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.
View transaction liet
Journal entry worksheet
<
1
2
Record LGE's entry for payment of the note and interest to Tyson.
Note: Enter debits before credits..
Date
August 28
Record entry
General Journal
Clear entry
Debit
Credit
View general Journal
Transcribed Image Text:On March 1, LGE asks to extend its past-due $9,200 account payable to Tyson. Tyson agrees to acc 8% $7,000 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. View transaction liet Journal entry worksheet < 1 2 Record LGE's entry for payment of the note and interest to Tyson. Note: Enter debits before credits.. Date August 28 Record entry General Journal Clear entry Debit Credit View general Journal
On March 1, LGE asks to extend its past-due $9,200 account payable to Tyson. Tyson agrees to accept $2.20
8%, $7,000 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.
View transaction Bat
Journal entry worksheet
Record LGE's entry to extend its past-due $9,200 account payable by paying
cash of $2,200 and issuing a 180-day, 8%, $7,000 note payable.
2
Note: Enter debits beforn credits.
Date
March 01
Record entry
General Journal
Clear entry
Debit
Credit
View general Journal
Transcribed Image Text:On March 1, LGE asks to extend its past-due $9,200 account payable to Tyson. Tyson agrees to accept $2.20 8%, $7,000 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. View transaction Bat Journal entry worksheet Record LGE's entry to extend its past-due $9,200 account payable by paying cash of $2,200 and issuing a 180-day, 8%, $7,000 note payable. 2 Note: Enter debits beforn credits. Date March 01 Record entry General Journal Clear entry Debit Credit View general Journal
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