What is the journal entry needed to record the transaction

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Reference no: EM131203354

On April 12, Hong Company agrees to accept a 60-day, 10%, $6,300 note from Indigo Company to extend the due date on an overdue account. What is the journal entry needed to record the transaction by Indigo Company? Debit Cash $6,300; credit Notes Payable $6,300. Debit Sales $6,300; credit Notes Payable $6,300. Debit Notes Payable $6,300; credit Accounts Payable $6,300. Debit Accounts Receivable $6,300; credit Notes Payable $6,300. Debit Accounts Payable $6,300; credit Notes Payable $6,300.

Reference no: EM131203354

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