Vanessa has a revolving credit account at an annual percentage rate of 12%. Her previous monthly balance is $487.24. Find the new balance if Vanessa's account showedthe following activity. (Use the unpaid balance method.)STATEMENT OF ACCOUNT Billing cycle: July 1-31July 6Mega blu-ray$140.54July 9Payment254.80July 14Keen Katering125.98July 18Oil Supply (credit)194.21July 22Cash Advances293.21$348.03$381.39O $597.96O $602.83

Revolving credit account :- Revolving credit account simply is a credit card. In case of emergencies…

Answered: Find the new balance if Vanessa's…

Business

Accounting

Find the new balance if Vanessa's account

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

Vanessa has a revolving credit account at an annual percentage rate of 12%. Her previous monthly balance is $487.24. Find the new balance if Vanessa's account showed
the following activity. (Use the unpaid balance method.)
STATEMENT OF ACCOUNT Billing cycle: July 1-31
July 6
Mega blu-ray
$140.54
July 9
Payment
254.80
July 14
Keen Katering
125.98
July 18
Oil Supply (credit)
194.21
July 22
Cash Advances
293.21
$348.03
$381.39
O $597.96
O $602.83

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