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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
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, 2017, the company loaned $106,000 to a new tenant on a one year note with a stated annual interest rate of 9 percent. Interest is to be received by Marketplace Mall on April 30, 2018, and at maturity on October 31, 2018 Required: Prepare journal entries that Marketplace Mall would record related to this note on the following dates: (a) November 1, 2017. (b) December 31, 2017 (Marketplace Mall's fiscal year-end); (c) April 30, 2018, and (d) October 31, 2018. (If no entry is required for transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the receipt of a note on November 1, 2017 for a $106,000 loan to a new tenant. Notes Enter debits before credits General Journal Debat Credit Date Nov 01, 2017 View general journal Record entry Clear entry View transaction list Journal entry worksheet 4 5 Record the interest accrued on the notes as of December 31, 2017. Note: Enter debits before credits Date General Journal Debit Credit Dec 31, 2017 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the receipt of the payment for the full principal. Note: Enter debits before credits. General Journal Debit Credit Date Oct 31, 2018 Record entry Clear entry View general Journal
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