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On July 8th, Jones Inc. issued an $80,000, 6 %, 120-day notes payable to Miller...

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Accounting

On July 8th, Jones Inc. issued an $80,000, 6 %, 120-day notes payable to Miller Company, Assume that the fiscal year of Jones ends July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year?

A. $700

B. $4,200

C. $307

D. $1,400

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