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If jupiter company only adjusts its accounts once a year at

Question - Jupiter Company signed a one-year $47,000 note payable at 8% interest on May 1, 2016. If Jupiter Company only adjusts its accounts once a year at year-end, how much interest expense was accrued on December 31, 2016?

A. $940

B. $3,760

C. $2,820

D. $3,133

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Accounting Basics: If jupiter company only adjusts its accounts once a year at

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