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What is the amount of interest expense recognized by jones

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Question 1: On July 8, Jones Inc. issued an $66,300, 11%, 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.

Option a. $1,216

Option b. $1,013

Option c. $608

Option d. $466

Reference no: EM132576944

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