Question: c) Record the first two installim 6. 7 Marks On Nov 1, 2023 Hamilton Inc asks that a $200,000 outstanding Account Payable be converted into

c) Record the first two installim 6. 7 Marks On Nov 1, 2023 Hamilton Inc asks that a $200,000 outstanding Account Payable be converted into 3 short term Note Payable. Hamilton agrees that the note payable will be due in 3 months and have 10% interest rate. The note along with interest will be payable on Feb 1, 2024. Hamilton closes theit books monthly. a) Show the journal entry to be made on Nov 1, 2023 (1 mark) b) Show all other journal entries to record the accrual of interest and the payment of this note 16 marks) c) Record the first two installim 6. 7 Marks On Nov 1, 2023 Hamilton Inc asks that a $200,000 outstanding Account Payable be converted into 3 short term Note Payable. Hamilton agrees that the note payable will be due in 3 months and have 10% interest rate. The note along with interest will be payable on Feb 1, 2024. Hamilton closes theit books monthly. a) Show the journal entry to be made on Nov 1, 2023 (1 mark) b) Show all other journal entries to record the accrual of interest and the payment of this note 16 marks)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

i need all the yellow answered and can you check my income statement Adjusting Entries Adjusted Trial Balance Debit Credit Debit Credit 59.324 73 8,750 00 10046.00 256.00 5888.00 5,000,00 5,000.00...

HI I need help to with my assessment. Anyone can help me? T-1.8.1 Details of Assessment Term and Year T2 2017 Time allowed Week 2, 3, 4, 5, 6, 7, 8 Assessment No 1 Assessment Weighting 60% Assessment...

Hello I am in need of urgent help this financial statement is due tonight and I have no clue how to do it. I have both trial datas for part one and two on page 1 and page 7. Financial Statement...

ASSETS LIABILITIES Cash $139,500 Accounts Payable $ 40,000 Marketable Securities 20,000 Wages Payable 10,800 Accounts Receivable 103,000 Taxes Payable 7,200 All. W. Accounts -4,000 Short-Term Note...

Accounting Help Financial Statement Homework #3 Name YOU MUST SUBMIT ALL HANDWRITTEN PAGES OF THIS DOCUMENT Part 1: Insert the Trial Balance HERE Bisbee Mountain Company Trial Balance 11/30/17 Cr Dr...

Please record the adjustments in the first two preformatted worksheets to the appropriate columns. 1 Purchased inventories of $460,000, on account, terms 2/15, n45. 2 Had sales of merchandise of...

C Dr 162,000 124,000 1,000 50,000 55,000 62,000 75,000 0 32,000 94,000 12,000 0 0 14,000 15,000 Apple Mountain Company Trial Balance 11/30/17 Cash Accounts Receivable Allowance for Doubtful Accounts...

Which method?Grignard carboxylation or nitrile hydrolysis?would you use for each of the following reactions? Explain. " - C CH2Br (a) " CH Br (b) CH3CH2CHCO2H CCH2CHCH3 (c) CHH-H2H2, CHH-H-CH21...

You wish to prepare 213 grams of 18.8 % ZnF2. You will need grams of zinc fluoride and Assume that the density of water is 1.00 g / ml. mL of water.

A project costing US$ 3 0 0 , 0 0 0 has an IRR of 1 0 % . Which of the following NPVs ( in US$ ) would this project return using a discount rate of 1 0 % ? Question 2 Answer a . ( $ 2 5 , 0 0 0 ) - a...

On the 12 July 2022, ESI-Africa Online magazine reported that ACWA commercial operational date for the project to start is scheduled for quarter 4 of 2023, with a firm off-take contract with Eskom of...

How likely is it that some form of semistructured or in-depth interviews would be an acceptable form of data gathering within the organisation?

Which TWO of the following can be treated as forms of qualitative data? a Google analytics. b Social media posts. c LinkedIn connection requests. d Web pages.

Which of the following statements are correct in relation to using video recording as a form of research data? a Takes a great deal of time to do. b The data must be interpreted. c Should be...