ABC Company Signed a One-Year $12,000 Note Payable at 8

question 33

Multiple Choice

ABC Company signed a one-year $12,000 note payable at 8% interest on May 1, 2012. How much interest expense must be accrued on May 31, 2012?

• A)$960
• B)$320
• C)$80
• D)$40

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