CH: Q
To attract retailers to its shopping center, the Marketplace Mall will lend money to tenants under formal contracts, provided that they use it to renovate their store space. On November the company loaned $ to new tenants on oneyear notes with stated annual interest rates of percent. Interest is to be received by Marketplace Mall on April and at maturity on October
Prepare journal entries that Marketplace Mall would record related to these notes on the following dates: a November ; b December Marketplace Malls fiscal yearend; c April ; and d October If no entry is required for a transactionevent select No Journal Entry Required" in the first account field.
: Record the receipt of notes on November for $ in loans to new tenants.
: Record the interest accrued on the notes as of December
: Record the receipt of interest for the period ending April
: Record the receipt of the interest on the notes maturity date.
: Record the receipt of the payment for the full principal.
PLEASE HOW EACH STEP WHILE KEEPING THE WORK EASY TO FOLLOW. SO I CAN LOOK AT THE ANSWERS AND LEARN HOW TO DO IT MYSELF.
