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What is the journal entry needed to record the transaction

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Question - On April 12, Hong Company agrees to accept a 60-day, 10%, $5,700 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 Sales $5,700; credit Notes Payable $5,700.

Debit Accounts Payable $5,700; credit Notes Payable $5,700.

Debit Notes Payable $5,700; credit Accounts Payable $5,700.

Debit Accounts Receivable $5,700; credit Notes Payable $5,700.

Debit Cash $5,700; credit Notes Payable $5,700.

Reference no: EM132181037

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