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On April 1, 20x1, Phillips Corp. received a $10,000, 12-month, 10% note in exchange for services provided to a customer. The note's face value plus

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On April 1, 20x1, Phillips Corp. received a $10,000, 12-month, 10% 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. 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 . 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. Date Debit Credit 4/1/X1 e 12/31/X1 4/1/X2 i g

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