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Question - On July 8, Jones Inc. issued an $88,900, 6%, 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. $445
b. $889
c. $341
d. $741
Explain to your friend whether each of the numbered items below is an internal control strength or weakness
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