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On July 8, Jones Inc. issued an $67,700, 7%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July
On July 8, Jones Inc. issued an $67,700, 7%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar.
a.$303
b.$658
c.$790
d.$395
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