On August 1, 2020, Amy Industrial exchanged their past due account payable to Wire Co.

F H j M 0 P Question 12 On August 1, 2020, Amy Industrial exchanged their past due account payable to Wire Co. with a 180-day, 5%, $96,000 note payable to extend payment terms. (10 marks) a) Prepare the journal entry for Amy Industrial record the exchange of the account payable with the note payable on August 1, 2020. b) Prepare the journal entry on Amy Industrial's year-end of September 30, 2020. c) Prepare the journal entry for Amy Industrial to record payment of the note on maturity at January 28, 2021. (note: use interest liability account to accrue interest payable) (Type debit account name in column C, Credit account name in Column D) Account Name Debit Date Credit