During January, Gaston Wholesalers experienced some difficulties with cash flow so it approached one of its...

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During January, Gaston Wholesalers experienced some difficulties with cash flow so it approached one of its vendors about a payment extension. The vendor agreed to the extension on the condition that the company sign a 30-day note that includes 9% interest. What journal entry is needed to record the extension on the day that the vendor agrees to it? | What is the impact on the accounting equation of recording the cash payment of interest payable that was accrued previously? On April 1, Genuine Services accepted a $25,000 advance payment from a customer for services to be provided in the future. The contract requires the company to review operations at each of the customer's six locations over the next 6 months. What is the impact on the accounting equation of recording this transaction on April 1st? During January, Gaston Wholesalers experienced some difficulties with cash flow so it approached one of its vendors about a payment extension. The vendor agreed to the extension on the condition that the company sign a 30-day note that includes 9% interest. What journal entry is needed to record the extension on the day that the vendor agrees to it? | What is the impact on the accounting equation of recording the cash payment of interest payable that was accrued previously? On April 1, Genuine Services accepted a $25,000 advance payment from a customer for services to be provided in the future. The contract requires the company to review operations at each of the customer's six locations over the next 6 months. What is the impact on the accounting equation of recording this transaction on April 1st?

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