Exercise 9-6 (Algo) Note given to extend credit period LO P1 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 liot

nik.6   November 1 Accepted a $17,000, 180-day, 8% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year.

Exercise 8-6A Record a line of credit (LO8-2) The following selected transactions relate to liabilities of Rocky Mountain Adventures. Rocky Mountain's fiscal year ends on December 31. January 13 Negotiate a revolving credit agreement with First Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $10 million at the banks prime rate. Arrange a three-month bank loan of $5 million with Pirst Bank under the line of credit agreement. Interest at the prime rate of 78 is payable at maturity. 1 Pay the 71 note at maturity. February May Required: Record the appropriate entries, if any, on January 13, February 1, and May 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not In millions (I.e. 5 should be entered as 5,000,000).) Answer Is complete but not entirely correct. General Journal Debit Credit No Date January 13 No Journal Entry…

Sylvestor Systems borrows $186,000 cash on May 15 by signing a 180- day, 6%$, 186,000 note .