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Question 4 {0 marks] Notes Receivable. On December 31. 2016 Marilyn Inc. provided service to Sports Unlimited, accepting a six percent. five-year promissory note having
Question 4 {0 marks] Notes Receivable. On December 31. 2016 Marilyn Inc. provided service to Sports Unlimited, accepting a six percent. five-year promissory note having a maturity value of $300000 {interest payable annually on December 31]. Marilyn Inc. pays ? percent for its borrowed funds. Sports Unlimited. however, because it is considered a higher risk. pays 9 percent tor its borrowed funds. Instructions a} Prepare the journal entries to record the transaction on the books of Marilyn Inc. at December 31, 2010. {Assume that the effective interest method is used.) b] Make all appropriate entries for 201? on the books of Marilyn
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