Question
On July 8, Jones Inc. issued an $83,900, 9%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31.
On July 8, Jones Inc. issued an $83,900, 9%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar.
a. $964
b. $7,551
c. $1,446
d. $482
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
