Question: HELP PLEASE!!! On March 1, LGE asks to extend its past-due $1,600 account payable to Tyson. Tyson agrees to accept $300 cash and a 180-day,

HELP PLEASE!!!

On March 1, LGE asks to extend its past-due $1,600 account payable to Tyson. Tyson agrees to accept $300 cash and a 180-day, 8%, $1,300 note payable to replace the account payable. (Use 360 days a year.) (1) Prepare the March 1 entry for LGE. (2) Prepare the September 27 entry for LGE when it pays the note and interest to Tyson. View transaction list Journal entry worksheet

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