Question: Need help solving. On March 1, LGE asks to extend its past-due $6,400 account payable to Tyson. Tyson agrees to accept $1,500 cash and a

Need help solving.

On March 1, LGE asks to extend its past-due $6,400 account payable to Tyson. Tyson agrees to accept $1,500 cash and a 180 -day, 8%. $4,900 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, Journal entry worksheet Record LGE's entry to extend its past-due $6,400 account payable by paying cash of $1,500 and issuing a 180-day, 8\%, \$4,900 note payable. Note: Enter debits betore credis. On March 1, LGE asks to extend its past-due $6,400 account payable to Tyson, Tyson agrees to accept $1.500 cash and a 180-day, 8%, $4,900 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. Journal entry worksheet Record LGE's entry for payment of the note and interest to Tyson. Note: Enter debits before eredits

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