On july 8, jones inc. issued an $80,000, 6%, 120-day note payable to miller company. assume that the fiscal year of jones ends july 31. using a 360-day year, what is the amount of interest expense recognized by jones in the current fiscal year? when required, round your answer to the nearest dollar.

$307

Explanation:

The computation of the interest expense is shown below:

= Principal × rate of interest × number of days ÷ (total number of days in a year)  

= $80,000 × 6% × (23 days ÷ 360 days)

= $307

The 23 days is taking from July 8 to July 31

We simply applied the simple interest formula by multiplying the principal amount with the rate of interest and the time period

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