CH$8$: Q$7$

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 $1,2020,$ the company loaned $$96,000$ to new tenants on one$-$year notes with stated annual interest rates of $10$ percent. Interest is to be received by Marketplace Mall on April $30,2021,$ and at maturity on October $31,2021.$

Prepare journal entries that Marketplace Mall would record related to these notes on the following dates: $($a$)$ November $1,2020$; $($b$)$ December $31,2020($Marketplace Mall$$s fiscal year$-$end$)$; $($c$)$ April $30,2021$; and $($d$)$ October $31,2021.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

$[1]$: Record the receipt of notes on November $1,2020$ for $$96,000$ in loans to new tenants.

$[2]$: Record the interest accrued on the notes as of December $31,2020.$

$[3]$: Record the receipt of interest for the period ending April $30,2021.$

$[4]$: Record the receipt of the interest on the note$$s maturity date.

$[5]$: 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.