On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that the fiscal year of Jones ends on July 31st. 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.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that the fiscal year of Jones ends on July 31st. 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.

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