9/16 Billing date9/19 Payment9/30 Charge: Home Depot10/3 Payment10/7 Cash advance30-day billing cycle.Previous balanceFinance charge is 1.5% on average daily balance.Average daily balanceFinance charge$$2,741.0041.12$72 credit2,10072 credit82$ 3,200

Average daily balance is an accounting method. It is used by the credit card issuers. It is used to…

Answered: 30-day billing cycle Previous balance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Account Type Opening Deposit Rate(APR) APY Checking – Variable Rate $0 0.25% 0.25% Money Market – Variable Rate $250.00 1.00% 1.01% Summer Cash - Variable Rate $0 0.99% 1.00% Holiday Cash – Variable Rate $0 0.75% 0.75% 6 Months – Fixed Rate $250.00 1.00% 1.00% 12 Months – Fixed Rate $250.00 1.00% 1.00% 18 Months – Fixed Rate $250.00 1.00% 1.00% 24 Months – Fixed Rate $250.00 1.00% 1.00% 30 Months – Fixed Rate $250.00 1.00% 1.00% 36 Months – Fixed Rate $250.00 1.25% 1.25% 48 Months – Fixed Rate $250.00 1.50% 1.50% 60 Months – Fixed Rate $250.00 1.50% 1.50% Use the table above: For the “Summer Cash Variable Rate” and “Money Market Variable Rate” check the APY. Do both of these appear t be printed correctly? a) Summer Cash - Variable Rate: APY = % (round to 2-decimal point in percent) b) Money Market - Variable Rate: APY = % (round to…
Entries for discounted note payable A business issued a 30-day note for $57,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. 88 Cash Interest Expense Notes Payable Feedback Check My Work a. Why is the company issuing the note? What type of note is being issued (interest-bearing or discounted)? How much will the company. owe on the maturity date? b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Notes Payable Cash
View Policies Current Attempt in Progress Vaughn Bikes Ltd. reports cash sales of $6,600 on October 1. (a) Record the sales assuming they are subject to 13% HST. (b) Record the sales assuming they are subject to 5% GST and 9.975% QST. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit (a) Oct. 1 (b) Oct. 1 eTextbook and Media List of Accounts
The credit term 3/10 net 30 signifies: a. Credit period 30 days, cash discount 3 percent and cash discount period 10 days b. Credit period 30 days, cash discount 10 percent and cash discount period 5 days c. Credit period 60 days, cash discount 5 percent and cash discount period 10 days d. Credit period 5 days, cash discount 10 percent and cash discount period 60 days
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Calculate average daily balance: (Round your answer to the nearest cent.) 29 Day Billing Cycle 9/6 Balance $600 9/18 Payment $200 9/24 Charge $300 Average daily balance
Try Yourself - Question 2 Consider the following purchase history during October: Date Balance # of Days October 1 $110 8 October 9 $150 5 October 14 $260 8 October 22 $347 7 October 29 $612 3 The APR for this card is 16.45%. If the balance is not paid within the grace period, what is the total owed to the credit card company for this month? A. $261 B. $869 C. $616 D. $612 E. $704
Give answer within 45 min I will give you up vote
Account Title Beginning Balance Ending Balance Accounts receivable $28,600 $40,500 Allowance for doubtful accounts 1,760 2,160 Notes receivable 47,200 47,200 Interest receivable 930 4,234 The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest? Please explain how you find the cash received for interest
Given the following: 29-day cycle 4/17 Billing Date previous Balance $1,100 4/27 Payment $ 700 4/29 Charge $ 300 5/7 Payment $ 50 The average balance is:
Determination of credit sales Mervyn’s Fine Fashions has an average collection period of 30 days. The accounts receivable balance is $78,000. What is the value of its credit sales?
Notes Receivable Entries J. K. Pratt Co. had the following transactions: 20-1 July 20 Received a $800, 30-day, 4% note from J. Akita in payment for sale of merchandise. Aug. 19 J. Akita paid note issued July 20 plus interest. 25 Sold merchandise on account to L. Beene, $1,200. Sept. 5 L. Beene paid $100 and gave a $1,100, 30-day, 4% note to extend time for payment. Oct. 5 L. Beene paid note issued September 5, plus interest. 10 Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 4% note. Nov. 9 R. Harris paid $140 plus interest on note issued October 10 and extended the note ($560) for 30 days. Dec. 9 R. Harris paid note extended on November 9, plus interest. 10 Sold merchandise on account to B. Kraus, $1,500. 15 B. Kraus paid $120 on merchandise purchased on account, and gave a $1,380, 30-day, 6% note to extend time for payment. 20-2 Jan. 14 B. Kraus's note of December 15 is dishonored. Feb. 13 Collected B. Kraus's dishonored note, plus…

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30-day billing cycle Previous balance 9/16 Billing date 9/19 Payment 9/30 Charge: Home Depot 10/3 Payment 10/7 Cash advance Finance charge is 1.5% on average daily balance. Average daily balance Finance charge $ 2,741.00 $ 41.12 $ 72 credit 2,100 72 credit 82 $ 3,200