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On April 1, 20X1, Buzby Corp. received a $12,000, 12-month, 12% note in exchange for services provided to a customer. The note's face value plus
On April 1, 20X1, Buzby Corp. received a $12,000, 12-month, 12% note in exchange for services provided to a customer. The note's face value plus interest will be due when the note matures on April 1, 20X2 Required: Prepare the following journal entries related to this note. Note: Round all interest calculations to the nearest whole month and whole dollar. Do not show currency symbols, decimals or cents in your numerical responses The entry to record the issuance of the note on April 1, 20x1 The entry to record the accrual of interest on December 31, 20X1, and The entry to record the collection of the note and interest on April 1, 20X2. Date Debit Credit 4/1/X1 12/31/X1 4/1/X2
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