On March 1, LGE asks to extend its past-due $1,200 account payable to Tyson. Tyson agrees to
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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.
(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.
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Alright lets break it down First lets understand the key parts of these transactions On March 1 LGE ...View the full answer
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