On March 1 , 2 0 X 1 , Lynley Corp received a $ 2 9 , 0 0 0 , 1 2 month, 1 2 note in exchange for services provided to a customer The note's face value plus interest will be due when the note matures on March 1 , 2 0 X 2 Required Prepare the following journal entries related to this note The entry to record the issuance of the note on March 1 , 2 0 X 1 The entry to record the accrual of interest on December 3 1 , 2 0 X 1 , and The entry to record the collection of the note and interest on March 1 , 2 0 2 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

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Question: On March 1 , 2 0 X 1 , Lynley Corp. received a $ 2 9 , 0 0 0 , 1 2 - month,

On March

1, 20

1,

Lynley Corp. received a $

29, 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 March

1, 20

2 .

Required: Prepare the following journal entries related to this note.

The entry to record the issuance of the note on March

1, 20

1

The entry to record the accrual of interest on December

31, 20

1,

and

The entry to record the collection of the note and interest on March

1, 20 2 .

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.

On March 1,20X1, Lynley Corp. received a $29,000,12-month, 12% note in

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