On july 8 alton co. issued an 80000 6 120-day note payable, Ask an Expert

Accounting

on July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9100308

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