Find the average daily balance in June. (Average daily balance is calculated based on end-of-day balance.) Balance on May 31: $700 Charge $800 on June 11 Charge $600 on June 17 Repay $1,000 on June 21 a $890 b $960 c $1,180 d $1,240 e $1,360

Find the average daily balance in June. (Average daily balance is calculated based on end-of-day balance.) Balance on May 31: $700 Charge $800 on June 11 Charge $600 on June 17 Repay $1,000 on June 21 a $890 b $960 c $1,180 d $1,240 e $1,360

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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Question

Find the average daily balance in June. (Average daily balance is calculated based on end-of-day balance.)
Balance on May 31: $700
Charge $800 on June 11
Charge $600 on June 17
Repay $1,000 on June 21

a $890

b $960

c $1,180

d $1,240

e $1,360

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