fou have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account. STATEMENT OF ACCOUNT Billing cycle: July 1–31 July 1 Previous month's balance $123.85 July 5 McDermott Engineering 35.95 July 9 Payment 32.30 July 17 Hi-Def Video (credit) 21.31 July 25 Sunny Flowers 30.93 O $137.12 O $139.04 O $244.34 O $264.99

fou have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account. STATEMENT OF ACCOUNT Billing cycle: July 1–31 July 1 Previous month's balance $123.85 July 5 McDermott Engineering 35.95 July 9 Payment 32.30 July 17 Hi-Def Video (credit) 21.31 July 25 Sunny Flowers 30.93 O $137.12 O $139.04 O $244.34 O $264.99

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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44. Subject :- Accounting