For the period beginning October 14, the average daily balance on Perry’s credit card was $810. If the balance at the end of the cycle was $465 and the APR on the card is 7.5%, what was the balance due on November 14?

Q: Suppose your MasterCard calculates interest using the average daily balance method, and the monthly…

A: "Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: Suppose the charge account of​ Strong's Mailing Service at the local supply store had a​ 1.8%…

A: The question is based on the concept of Financial Accounting.

Q: Pujols Lumber Yard has a current accounts receivable balance of $265,038. Credit sales for the year…

A: Days sales in receivables are to be computed by taking account receivables s numerator and credit…

Q: What is the receivables turnover?

A: Turnover means the is the amount of sales by the business. It is sometimes called as income of the…

Q: A business issued a 60-day note for $87,000 to a bank. The note was discounted at 7%. Journalize the…

A: Businesses may issue short-term discount notes in consideration of goods, services, or cash.These…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: Average daily balance: It is the credit card’s balance during a given billing cycle.

Q: John Smith has a credit card that charges 12​% annual interest on the monthly average daily balance…

A: Accounts receivable is the amount that is raised when the goods are purchased by the customer on…

Q: The credit card with the transaction described in the popup below uses the average daily balance…

A: Given, Monthly interest rate is 1.5% previous balance is $2,653.43

Q: A business issued a 60-day note for $99,000 to a bank. The note was discounted at 7%. Journalize the…

A: Businesses may issue short-term discount notes in consideration for goods, services, or cash.…

Q: You get a credit card. The bill for $1024 was due on July 1. Purchases of $315 were made on July 7,…

A:

Q: The due date on Gabrielle's credit card is the 8th day of each month. Gabrielle's unpaid credit card…

A: Balance on July 8th is $2,750 Additional Charges during month is $320 Payment during month is $400…

Q: On August 10, a credit card account had a balance of $365. A purchase of $62 was made on August 15,…

A: In credit cards, we can say that finance charges include interest and transaction fees charged on…

Q: Suppose the charge account of​ Strong's Mailing Service at the local supply store had a​ 1.8%…

A: Average Daily Balance (ADB) is the average of all daily balances in a billing cycle, used to…

Q: Pujols Lumber Yard has a current accounts receivable balance of $590,150. Credit sales for the year…

A: In this question, we are required to determine the Days Sales Outstanding (DSO).

Q: 16. The billing cycle for Mr. Lang´s credit card begins on September 8 and ends on October 7. He is…

A: Given: Credit Card Billing Period: Sept 8  to Oct 7 Previous Balance: $458 Annual Interest Rate: 19%…

Q: Suppose the charge account of​ Strong's Mailing Service at the local supply store had a​ 1.8%…

A: The average daily balance represents an accounting method computing interest charges by taking into…

Q: A credit card bill for $660 was due on July 1. Purchases of $375 were made on July 7, and $310 was…

A: Credit card issuing companies charges monthly interest on any unpaid balance. For computing the…

Q: Suppose your MasterCard calculates interest using the average daily balance method, and the monthly…

A: Average Daily Balance( Credit Card):The amount of interest to be charged to a borrower on an…

Q: A charge account had a balance of $979 on May 5. A purchase of $222 was made on May 17, and a…

A: From May 5 to May 17, the balance of account is $979 for 12 days.From May 17 to May 20 the balance…

Q: 7. Using the following table containing the dates of purchases and payments to determine the average…

A: A credit card is a way of obtaining short term finance by a consumer for fulfilling their purchase…

Q: Find the​ Black's finance charge on April 1

A: Finance Charge is a charge on the amount lent. On lending an amount, an interest is charged on the…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Given: Annual interest rate is 18% April 14 $89 Charged for a coat April 17 ​$140 Made…

Q: A credit card has an average daily balance of ​$2,833.84 and the monthly periodic rate is 1.337​%.…

A: Finance Charges for the month  = Average Daily balance X Periodic Rate

Q: In John​ Balfour's credit card account interest is charged on the average daily balance. The cycle…

A: The finance charge is the amount charged by using some fixed percentage on the borrowed amount by…

Q: A credit card has an average daily balance of $2,861.56 and the monthly periodic rate is 1.295%.…

A: Average Daily Balance of Credit Card = $2,861.56 Monthly Interest Rate = 1.295%

Q: A charge account had a balance of $945 on May 5. A purchase of $233 was made on May 17, and a…

A: Finance charges : The finance charge on this account would be calculated on the basis of average…

Q: The "age" of an account receivable is the length of time that it has been outstanding. At the end of…

A: Accounts receivables is the current asset that represents the money which is to be received by…

Q: Use the average daily method to find the finance charge on the credit card account for September…

A: Average daily balance is a method in which balance for each day is calculated. Sum of each day…

Q: John Smith has a credit card that charges 15% annual interest on the monthly average daily balance…

A: Average Daily BalanceThe average daily balance is one of the methods used by credit companies to…

Q: Journalize the transactions. Assume 360 days for interest calculations and record two entries for…

A: In accounting, journalizing transactions involves recording financial events in a systematic way to…

Q: A savings account at your local credit union holds a balance of $5,894 for the entire month of…

A: Simple interest is the amount of interest received on a deposit based on a flat rate. Formula:…

Q: Use the average daily balance method to compute the finance charge in the credit card account for…

A: A finance charge in a credit account refers to the cost of borrowing money or using credit. It is…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: The average daily balance is used in accounting to calculate the interest charges, Under this method…

Q: uppose the charge account of​ Black's Mailing Service at the local supply store had a 1.5​%…

A: The costs of borrowing the money, comprising interests as well as other fees, is referred to as a…

Q: The credit card with the itemized billing statement below uses the average daily balance method to…

A: Credit cards are offered by financial institutions to customers to purchase certain items out of…

Q: A credit card bill for $559 was due on September 14. Purchases of $283 were made on September 19,…

A: To find the finance charge, we need to first calculate the average daily balance for the billing…

Q: In the same credit card, for the month of December, the customer plans to purchase on Dec 05 an item…

A: December 5, 2020 was Saturday There are 4 Monday after December 5,2020 i.e., 7th, 14th, 21st and…

Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…

A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: Given, Monthly interest rate is 1.5%Previous balance is $2645.51

Receivables Management