Saturn,Inc

question 119

Multiple Choice

Saturn,Inc.signed a one-year $24,000 note payable at 8% interest on May 1,2017.How much interest expense must be accrued on May 31,2017?

• A)$1,920
• B)$12,800
• C)$160
• D)$80

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Definitions:

New Model Army

A highly disciplined and effective military force organized in 1645 by the Parliamentarians during the English Civil War, contributing significantly to their victory over the Royalists.

Society of Friends

Also known as Quakers, this is a Christian denomination known for its commitment to peace, simplicity, and equality.

Navigation Acts

A series of laws that were enacted by the British Parliament in the 17th century to regulate trade and commerce between England and its colonies.