The activity on Charlie Wilson’s Visa account for one billing period is shown below. Find the...
Homework Answers
steps to solve the average daily balance
- find the balance due for each transaction
- find the number of days that the balance did not change between the transactions.
- multiply the balance due by the number of days the balance did not change
- find the sum total
- and then divide it by total number of billing days
*note: i have attached the image where i solved the average daily balance
financial charge = (average daily balance * annual percentage rate * number of days in the billing cycle) / 365
=(626.8953 * 0.20 * 30) / 365
= 10.3051
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The activity on Charlie Wilson’s Visa account for one billing
period is shown below. Find the...
MS ISL. 13 PLS DU For the credit card account, assume one month between billing dates...
MS ISL. 13 PLS DU For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 15% per month on the average daily balance. Find (a) the average daily balance. (b) the monthly financ charge, and (c) the account balance for the next billing Previous Balance 5779.55 July 8 Billing Date July 18 Payment $300 July 27 Lunch S45 36 August 4 Concert tickets $89.86 (a) The average daily balance is...
The balance on Ramon Felipe's credit card on January 15, his billing date, was $383.28. For the period ending Febru...
The balance on Ramon Felipe's credit card on January 15, his billing date, was $383.28. For the period ending February 15, Ramon had the following transactions to the right a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 15. Assume an interest rate of 1.2% per month c) Find the balance due on February 15 $33.79 January 16 Charge: Restaurant meal January 30 Payment February 3 Charge: $150.00 $30.61...
On February 3, the billing date, Carol Ann Bluesky had a balance due of $125.96 on...
On February 3, the billing date, Carol Ann Bluesky had a balance due of $125.96 on her credit card. Her bank charges an interest rate of 1.25% per month and uses the average daily balance method. She made the transactions described in the table during the month a) Find Carol Ann's average daily balance for the billing period from February 3 to March 3 Assume it is not a leap year. b) Find the finance charge to be paid on...
Find the average daily balance for the credit card with the following transactions. Assume one month...
Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average daily balance. Finally, find the new balance Previous Balance $459.21 Billing Date May 17 Date Transaction Amount May 19 Return $ 62.45 May 25 Purchase $134.76 May 28 Purchase $ 45.65 June 3 Payment $175 The average daily...
Sally has a credit card that advertises 9% annual interest. The billing period for her card...
Sally has a credit card that advertises 9% annual interest. The billing period for her card is the 15th through the 14th. On March 15, her balance was $400. On March 23, she made a payment of $250 ang then celebrated her low balance with a $25 night at the bar on the 25th. On April 7th Sally bought a Lace the one she lost at the bar. What is the finance charge for this billing period?
`1. With 30 Days in November, what is the average daily balance 2. Calculate interest in...
`1. With 30 Days in November, what is the average daily
balance
2. Calculate interest in November
3. What was the unpaid balance for November after interest is
charged?
4. If Nancy's account instead used the unpaid balance method,
calculate the finance charge and the new balance for the month of
November.
5. The new balance for the month of November would be
Nancy is reviewing her November credit card statement. Her beginning balance was $610 and she made...
Register Date Transactions Unpaid Balance April 10 1389.21 April 11 April 12 April 13 April 14...
Register
Date
Transactions
Unpaid Balance
April 10
1389.21
April 11
April 12
April 13
April 14
April 15
April 16
April 17
April 18
April 19
April 20
April 21
April 22
April 23
April 24
April 25
April 26
April 27
April 28
April 29
April 30
May 1
May 2
May 3
May 4
May 5
May 6
May 7
May 8
May 9
Perform the following tasks (continued):
Enter your answers in this column.
At the end...
no explaining 28. On July 1, 2018, Charlie Co. paid $18,000 in advance to Rent-An-Office for...
no
explaining
28. On July 1, 2018, Charlie Co. paid $18,000 in advance to Rent-An-Office for 12 months rent from July 2018 through June 2019. What adjusting entry should Charlie Co, record on December 31, 2018 to record the amount of rent expense incurred in 2018? 18,000 18.000 B. | 18,000 18,000 Rent Expense Cash Rent Expense Prepaid Rent Prepaid Rent Rent Expense Rent Expense Prepaid Rent c. 9,000 9,000 9,000 9,000 29. A list of all accounts and their...
On September 10, a credit card account had a balance of $490. Purchases of $47.32 were...
On September 10, a credit card account had a balance of $490. Purchases of $47.32 were made on September 12, $157.55 was charged on September 20, and $57.73 was charged on September 30. A payment of $175 was made on September 28. The annual interest on the average daily balance is 21.25%. Find the finance charge (in dollars) on the October 10 bill. (Use 365 for the number of days in a year. Round your answer to the nearest cent.)
Please help use this credit card table to answer the following questions. directions Use the credit...
Please help use this credit card table to answer the
following questions.
directions Use the credit card statement below to answer these questions: 1. What is the date of the statement? 2. What is the Annual Percentage Rate (APR)? 3. What is the corresponding periodic rate? 4. What is the new balance? 5. What was the previous balance? 6. How many charges were made during the billing cycle? 7. How many credits and payments were made during the billing cycle?...
MS ISL. 13 PLS DU For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 15% per month on the average daily balance. Find (a) the average daily balance. (b) the monthly financ charge, and (c) the account balance for the next billing Previous Balance 5779.55 July 8 Billing Date July 18 Payment $300 July 27 Lunch S45 36 August 4 Concert tickets $89.86 (a) The average daily balance is...
The balance on Ramon Felipe's credit card on January 15, his billing date, was $383.28. For the period ending February 15, Ramon had the following transactions to the right a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 15. Assume an interest rate of 1.2% per month c) Find the balance due on February 15 $33.79 January 16 Charge: Restaurant meal January 30 Payment February 3 Charge: $150.00 $30.61...
On February 3, the billing date, Carol Ann Bluesky had a balance due of $125.96 on her credit card. Her bank charges an interest rate of 1.25% per month and uses the average daily balance method. She made the transactions described in the table during the month a) Find Carol Ann's average daily balance for the billing period from February 3 to March 3 Assume it is not a leap year. b) Find the finance charge to be paid on...
Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average daily balance. Finally, find the new balance Previous Balance $459.21 Billing Date May 17 Date Transaction Amount May 19 Return $ 62.45 May 25 Purchase $134.76 May 28 Purchase $ 45.65 June 3 Payment $175 The average daily...
Sally has a credit card that advertises 9% annual interest. The billing period for her card is the 15th through the 14th. On March 15, her balance was $400. On March 23, she made a payment of $250 ang then celebrated her low balance with a $25 night at the bar on the 25th. On April 7th Sally bought a Lace the one she lost at the bar. What is the finance charge for this billing period?
`1. With 30 Days in November, what is the average daily
balance
2. Calculate interest in November
3. What was the unpaid balance for November after interest is
charged?
4. If Nancy's account instead used the unpaid balance method,
calculate the finance charge and the new balance for the month of
November.
5. The new balance for the month of November would be
Nancy is reviewing her November credit card statement. Her beginning balance was $610 and she made...
Register
Date
Transactions
Unpaid Balance
April 10
1389.21
April 11
April 12
April 13
April 14
April 15
April 16
April 17
April 18
April 19
April 20
April 21
April 22
April 23
April 24
April 25
April 26
April 27
April 28
April 29
April 30
May 1
May 2
May 3
May 4
May 5
May 6
May 7
May 8
May 9
Perform the following tasks (continued):
Enter your answers in this column.
At the end...
no
explaining
28. On July 1, 2018, Charlie Co. paid $18,000 in advance to Rent-An-Office for 12 months rent from July 2018 through June 2019. What adjusting entry should Charlie Co, record on December 31, 2018 to record the amount of rent expense incurred in 2018? 18,000 18.000 B. | 18,000 18,000 Rent Expense Cash Rent Expense Prepaid Rent Prepaid Rent Rent Expense Rent Expense Prepaid Rent c. 9,000 9,000 9,000 9,000 29. A list of all accounts and their...
Please help use this credit card table to answer the
following questions.
directions Use the credit card statement below to answer these questions: 1. What is the date of the statement? 2. What is the Annual Percentage Rate (APR)? 3. What is the corresponding periodic rate? 4. What is the new balance? 5. What was the previous balance? 6. How many charges were made during the billing cycle? 7. How many credits and payments were made during the billing cycle?...
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