Jupiter, Inc. signed a one-year $44,000 note payable at 8% interest on May 1, 2016. If Jupiter, Inc. only adjusts its accounts once a year at year-end, how much interest expense was accrued on December 31, 2016? $3,520 O $1,173 $2,932 $2,347 1. How do you apply the "allowance method" to account for uncollectibles