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 acc8% $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 lietJournal entry worksheet<12Record LGE's entry for payment of the note and interest to Tyson.Note: Enter debits before credits..DateAugust 28Record entryGeneral JournalClear entryDebitCreditView general Journal On March 1, LGE asks to extend its past-due $9,200 account payable to Tyson. Tyson agrees to accept $2.208%, $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 BatJournal entry worksheetRecord LGE's entry to extend its past-due $9,200 account payable by payingcash of $2,200 and issuing a 180-day, 8%, $7,000 note payable.2Note: Enter debits beforn credits.DateMarch 01Record entryGeneral JournalClear entryDebitCreditView general Journal

In accounting, the treatment of notes involves the recognition and management of financial…

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 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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 92PSB

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