Average Daily Balance. Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest charges shown on her most recent credit card billing statement, which appears as Figure 7-1 on page 204. Use the average daily balances provided to recalculate the interest charges, and compare the result with the amount shown on the statement. Figure 7-1Statement for a Bank Credit Card AccountXXX Bank Credit Card Account StatementAccount Number XXXX XXXX XXXX XXXXFebruary 21, 2018 to March 22, 2018Statement Date 03/22/18Summary of Account ActivityPayment Information$1,798.14$53.00$535.07-$450.00-$0.00+$529.57+$785.00+$318.00$0.00+$69.45+$11.05New BalanceMinimum Payment DuePayment Due DatePrevious BalancePaymentsOther CreditPurchases4/20/18Late Payment Warning: If we do not receive your minimum Paymentby the date listed above, you may have to pay a $25 late fee and yourAPRS may be increased up to the Penalty APR of 28.99%Balance TransfersCash AdvancesPast Due AmountFees ChargedInterest ChargedMinimum Payment Warning: If you make only the minimum paymenteach period, you will pay more in interest and it will take you longer topay off your balance. For example:New Balance$1,798.14If you make noadditional chargesusing this card andeach month you pay...$2,000.00$201.863/22/2018You will pay off thebalance shown onAnd you willend up payingas estimatedCredit limitAvailable creditStatement closing dateDays in billing cyclethis statement inabout...total of...30Only the minimumpayment10 years$3,284Questions?Call Customer ServiceLost or Stolen Credit Card1-XXX-XXX-ХXXX$2,232(Savings = $1,052)1-XXX-XXX-XXXX$623 yearsIf you would like information about credit counseling services,call 1-800-XXX-XXXXPlease send billing inquiries and correspondence to:PO Box XXXX, Anytown, Anystate XXXXXTransactionsDescription of Transaction or CreditStore #1Amount$146.19Reference NumberTrans DatePost Date5884186PS0388W6YM854338203FS800025564891561545KOSHD2/222/23Pymt Thank YouStore #22/252/25$247.36$318.00$785.00$ 34.32$ 29.45$ 72.252/252/261542202074TWWZV482/262/26Cash Advance4545754784KOHUIOSBalance TransferStore #32/273/125645610231841023152/283/10451487145189798740547810544898718AFStore #4Store #53/43/53/153/17Fees2/23Late Fee$25.00$23.55$20.90$69.459525156489SFD4545Q2/2384151564SADS874H2/272/27Balance Transfer Fee256489156189451516L2/282/28Cash Advance FeeTOTAL FEES FOR THIS PERIODInterest ChargedInterest Charge on PurchasesInterest Charge on Cash AdvancesTOTAL INTEREST FOR THIS PERIOD.$ 6.40$ 4.65$11.05 Interest ChargedInterest Charge on PurchasesInterest Charge on Cash AdvancesTOTAL INTEREST FOR THIS PERIOD$ 6.40$ 4.65$11.052018 Totals Year-to-DateTotal fees charged in 2018Total interest charged in 2018$90.14$18.27Interest Charge CalculationYour Annual Percentage rate (APR) is the stated interest rate on your account.Balances Subject toType of BalanceAnnual Percentage Rate (APR)Interest RateInterest Charge$512.14$253.50$637.50$ 0.00$6.40$4.65$0.00$0.00Purchases14.99% (V)21.99% (V)0.00%Cash AdvancesBalance TransfersPenalty APR28.99%(V) = Variable Rateerved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).

Average Daily Balance. Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest charges shown on her most recent credit card billing statement, which appears as Figure 7-1 on page 204. Use the average daily balances provided to recalculate the interest charges, and compare the result with the amount shown on the statement.

Average Daily Balance. Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest charges shown on her most recent credit card billing statement, which appears as Figure 7-1 on page 204. Use the average daily balances provided to recalculate the interest charges, and compare the result with the amount shown on the statement.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.7C

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