Consider the following credit card activity for the month of September: Date September 1 $0 September 6 $563 September 14 $1,192 September 18 $1,536 September 25 $2,222 Balance If this card's annual APR is 22.9% and the September balance is not paid during the grace period, how much interest is owed for September? • There are 30 days in September. Round your answer to the nearest dollar.
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Step by step
Solved in 3 steps with 2 images
