this is modern math After the due date on Sept.4, Ashley made the following transactions usingher credit card.bought washing machine worth 5,500 pesosused it to pay school fees worth 6,200 pesosSept. 6Sept. 8Sept. 13Sept. 16paid 2,500 pesosSept. 21Sept. 30paid 1,000pesosused it to pay insurance worth 9,500 pesospaid 5,000 pesosThe next billing date is Oct.4. The interest on the average daily balance is 1%.a))Construct a table of transactions (complete)What is the average daily balancecompute for the finance chargeb)c)

Interest on average daily balance is 1% To Find: Average daily balance Finance Charge

After the due date on Sept.4, Ashley made the following transactions using her credit card. Sept. 6 Sept. 8 Sept. 13 bought washing machine worth 5,500 pesos used it to pay school fees worth 6,200 pesos paid 2,500 pesos paid 1,000pesos used it to pay insurance worth 9,500 pesos paid 5,000 pesos Sept. 16 Sept. 21 Sept. 30 The next billing date is Oct.4. The interest on the average daily balance is 1%. a) )Construct a table of transactions (complete) b) What is the average daily balance c compute for the finance charge

After the due date on Sept.4, Ashley made the following transactions using her credit card. Sept. 6 Sept. 8 Sept. 13 bought washing machine worth 5,500 pesos used it to pay school fees worth 6,200 pesos paid 2,500 pesos paid 1,000pesos used it to pay insurance worth 9,500 pesos paid 5,000 pesos Sept. 16 Sept. 21 Sept. 30 The next billing date is Oct.4. The interest on the average daily balance is 1%. a) )Construct a table of transactions (complete) b) What is the average daily balance c compute for the finance charge

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Melissa received an invoice for $5,000 that had payment terms of 2/15 n/30. He made a partial payment of $3,000 during the discount period. a. Calculate the amount credited. Round to the nearest cent b. Calculate the balance on the invoice after the partial payment was made.
Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with terms 6/6, 3/15, n/28. This invoice was paid on November 22nd, 2018. a. How many days were there between the date of the invoice, and when the invoice was paid? Number of days = b. How much was the amount of the discount? Amount of discount = $ c. How much was paid? days Amount paid = $ (round to the nearest cent) (round to the nearest cent)
The table below shows a credit card balance 20 and 24 months after the Estuardo made one large purchase. After that he never used the card again. Given the following table, determine the value of Estuardo's initial purchase. The payment is a proportion of the balance due. Round your answer to the nearest penny. Month Balance 20 $1,272.25 24 $1,020.50
Cynthia Roberts has a credit card account at Harry's Hardware, which uses the unpaid-balance method of computing finance charges. The periodic rate is 1.5 percent. Ms. Roberts's previous balance is $178.85, and she had payments and credits of $74.00. If she has new purchases of $98.74, what is her new balance? O $305.39 O $206.64 O $205.16 O $156.42
1. Jim has a credit card with a credit limit of $9000.00. For each of the following monthly balance, calculate the minimum monthly payment. Minimum Balance Work/Reasoning Payment $8.50 $40.00 $550.00 $9120.00 $7862.95
7. On April 1, Michael Reeves deposited a refund check for $240.85 in a savings account at Northern Savings and Loan Association. At the end of December the interest was computed at an annual rate of 6,%. How much simple interest did Michael's money earn? On April 1 you opened a savings account at Main Street Savings Bank with a Simple interest did your money earn? what waS VOur ew balange?
Shawana Valley is an attorney in Los Angleses. Valley uses the direct write-off methodd to account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she earned revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirement 1. Use the direct write-off method to jounalize Valley's write-off of the uncollectible receivables. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 2. What is Valley's balance of Accounts Receivable at May 31, 2018? Start by selecting the labels and then enter the amounts to calculate the balance in Accounts Receivable at May 13, 2018. ACOUNTS RECEIVABLE Collections -Apr 30 Bal- Net credit sales- write- offs
On 1 October 2020, Nduundune had 750,000 in the bank and Sh. 126,000 in hand. During the month he had the following receipts and payments: 1 October Cash sale – receipt Sh.80,000 4 October Payment to supplier Mondo Sh.120,000 Payment of rent Sh.300,000 6 October Payment from credit customer Kapondi Sh.450,000 and Payment from credit customer Bokelo Sh.250,000 10 October Cash sale – receipt Sh. 100,000 Payment to supplier Waswa Sh.500,000 6.October Payment of hire-purchase installment Sh.150,000 17 October Purchase of new machine Sh.1,200,000 19 October Cash sale – receipt Sh.370,000 Cash withdrawn from bank for office use 75,000 20.October Payment from credit customer Moseti Sh.600,000 24 October Payment of fuel bill Sh.175,000 26 October Interest received Sh. 25,000 29 Cash taken from cash till to pay fees for daughter Sh. 25,000 Required: Prepare a two column cashbook and determine bank and cash balances at the end of the month
Use the unpaid balance method to find the finance charge on the credit card account. Last month's balance, the payment, annual interest rate, and any other transactions are given below. last month's balance $530 payment $320 interest rate 17.8%bought dog $190 bought pet supplies $90 paid vet bill $70 what is the finance charge
In the month of September, Billy Jo made the following purchases: $4,000.00 on September 3 $2,750.00 on September 15 $450.00 on September 29. Billy Jo’s credit card contract has a 15% APR and a minimum payment of 2%. What was Billy Jo’s balance at the end of the month? What is the minimum dollar amount Billy Jo must pay?
Lizzie Gunderson is trying to establish a credit history and applied for a Visa credit card. She paid the previous month's statement balance in full. The card carries a finance charge rate of 16%. What is the amount of finance charge if Lizzie pays off the current $168.20 monthly statement balance in full?
Nancy is reviewing her November credit card statement. Her beginning balance was $605 and she made a $175 payment on November 10. She made purchases of $100 on November 5, $120 on Novemeber 15, and $45 on November 30. Her APR is 14% and the interest was charged using the average daily balance method, including current purchases, which considers the day of a charge or credit. Answer parts 1 through 5. 1. Find the unpaid balance on November 30 before interest is charged. The unpaid balance before interest is $