On March 1, LGE asks to extend its past-due $6,000 account payable to Tyson. Tyson agrees to accept $1,400 cash and a 180-day, 8%, $4,600 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.

See explanation

Explanation:

1. Prepare the March 1 entry for LGE.

Debit: Account payable - Tyson = $6000

Credit: Cash = $1400

Credit: Note payable = $4600

.(2) Prepare the September 27 entry for LGE when it pays the note and interest to Tyson.

Debit: Notes Payable = $4600

Debit: Interest expense = ($4600 × 8/100 × 180/360) = $184

Credit: Cash = $4784

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