Question 7 (10 marks). Note: Part A and Part B are independent Part A. (6 marks) Bingo Manufacturing Inc. purchased, on account $200,000 of specialized consulting services from KPMG Inc. on September 1, 2022. The amount owing to KPMG is due in full on January 1, 2023. Bingo Manufacturing Inc. is unable to pay the account by the due date and on January 1, 2023, it negotiates an extension with a 10% note in lieu of the unpaid accounts payable. The payment of note and interest is due on July 1, 2023. Required: a) Prepare the journal entry on January 1, 2023, to reflect the extension of the unpaid accounts payable on... January 1, 2023. (2 marks) Jan. 1, 2023 Debit Credit b) Prepare the journal entry on July 1, 2023, when Bingo pays the amount in full. (4 marks) July 1, 2023 Debit Credit Part B. (4 marks) For the month of October 2022, Vega Appliances recorded $380,000 in sales, which were all on account. The company is required to charge 6% PST and 5% GST on all sales. (4 marks) Required: Prepare the journal entry to record the company's sales activity for October 2022. I Page 10 of 14 2781 words mx Debit Credit 10