Jupiter, Inc. signed a one-year $44,000 note payable at 8% i
Jupiter, Inc. signed a one-year $44,000 note payable at 8% interest on May 1, 2016. If Jupiter, Inc. only adjusts its accounts once a year at year-end, how much interest expense was accrued on December 31, 2016?
A) $1,173
B) $3,520
C) $2,347
D) $2,933
ANSWER
C .Interest Expense from May to December,
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