Note Payable

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Dec 11, 2007, 10:24 PM

Jaxeni

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Join Date: Nov 2007

Posts: 3

Note Payable

On June 5, Smith Co. issued an $80,000, 8%, 120-day note payable to Richards Co. Assume that the fiscal year of Richards Co. ends June 30. What is the amount of interest revenue recognized by Jones in the following year?

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