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Journal entry of phillips corporation to record the discount

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Reference no: EM13873316

On June 1, Phillips Corporation discounts a $15,000 note from a customer at its bank. The note has a maturity value of $15,400. The discount is $385. The accrued interest revenue is $100. Prepare the journal entry of Phillips Corporation to record the discounted note. 

Reference no: EM13873316

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