Dallas Pierce’s most recent credit card statement follows. His finance charge is 15% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle9/29/79/139/179/28Billing datePaymentCharge: Kohl'sPaymentCharge: WalMart$1,100 previous balance24320 cr.24300$4310 cr.110Average daily balanceFinance chargeNew balance

Finance Charge:- It is a form of compensation to the lenders for providing funds or extending credit…

Dallas Pierce’s most recent credit card statement follows. His finance charge is 15% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.)

Dallas Pierce’s most recent credit card statement follows. His finance charge is 15% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.)

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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Concept explainers

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.

Question

30-day billing cycle
9/2
9/7
9/13
9/17
9/28
Billing date
Payment
Charge: Kohl's
Payment
Charge: WalMart
$1,100 previous balance
24
320 cr.
24
300
$4
310 cr.
110
Average daily balance
Finance charge
New balance

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