Multiple Choice
On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable with Erikson Company. What amount of interest expense is accrued at December 31 on the note? (Use 360 days a year.)
A) $320
B) $80
C) $0
D) $960
E) $160
Correct Answer:
Verified
Correct Answer:
Verified
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