Homework Answers
| Answer a. | ||
| Amount added | $ 8,370 | |
| Ending balance | $ 8,820 | |
| Answer b. | ||
| Amount added | $ 22,220 | |
| Ending balance | $ 22,670 |
Above answers calculated as following
Answer a.
Amount added = Balance as per aging method - credit balance = $8820-$450 = $8370
Answer b.
Amount added = 2% of credit sale = 2% x $1111000 = $22220
Ending balance = $22220+$450 = $22670
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