Determine the missing information for the following line of credit for the month of March. Date Transaction Deposit Withdrawal Balance Feb 28 Balance -649.45 Cheque 264 Cheque 265 Mar 2 500 -1,149.45 Mar 7 300 -1,449.45 Mar 12 Deposit 2,400 950.55 Mar 18 Cheque 266 Cheque 267 Cheque 268 Cheque 269 222 728.55 Mar 20 1,200 -471.45 Mar 24 96.42 -567.87 Mar 25 140 -707.87 Mar 31 Daily interest of 1.5% p.a. is earned on all positive balances. Daily interest of 8.75% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 19.25% p.a. is charged on daily amounts exceeding $1,000. Service charge of $6.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. (a positive value) 2.) Determine the amount of interest charged on the line of credit. (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive value) 5.) Determine the account balance of Mar 31, 2021. (This will be a negative number!)

Determine the missing information for the following line of credit for the month of March. Date Transaction Deposit Withdrawal Balance Feb 28 Balance -649.45 Cheque 264 Cheque 265 Mar 2 500 -1,149.45 Mar 7 300 -1,449.45 Mar 12 Deposit 2,400 950.55 Mar 18 Cheque 266 Cheque 267 Cheque 268 Cheque 269 222 728.55 Mar 20 1,200 -471.45 Mar 24 96.42 -567.87 Mar 25 140 -707.87 Mar 31 Daily interest of 1.5% p.a. is earned on all positive balances. Daily interest of 8.75% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 19.25% p.a. is charged on daily amounts exceeding $1,000. Service charge of $6.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. (a positive value) 2.) Determine the amount of interest charged on the line of credit. (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive value) 5.) Determine the account balance of Mar 31, 2021. (This will be a negative number!)

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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Journal entry worksheet
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Annual Purchases Payments Monthly Periodic Finance New Previous Percentage Rate (APR) (as a %) Charge (in $) and Cash and Balance Balance Rate Advances Credits (in $) $2,450.00 $1,334.98 $400.00 4
1
Required information Skip to question [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 820,000 Not yet due 1.25% 328,000 1 to 30 days past due 2.00 65,600 31 to 60 days past due 6.50 32,800 61 to 90 days past due 32.75 13,120 Over 90 days past due 68.00 Required:1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable.
Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 830,000 Age of Accounts Receivable Not yet due 1 to 30 days past due Expected Percent Uncollectible 1.25% 254,000 2.00 86,000 31 to 60 days past due 6.50 38,000 12,000 61 to 90 days past due Over 90 days past due 32.75 68.00 3. On June 30 of the next year, Jarden concludes that a customer's $4,750 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Affects Jarden's net income