Answered: Given the following: 31-day billing…

Given the following: 31-day billing cycle 10/5 billing Data Previous Balance $3,300 10/11 Charge $ 320 10/18 Charge $1,240 10/25 Payment $ 400 11/1 Charge $ 630 The average daily balance is:

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

Given the following:

31-day billing cycle

10/5 billing Data Previous Balance $3,300

10/11 Charge $ 320

10/18 Charge $1,240

10/25 Payment $ 400

11/1 Charge $ 630

The average daily balance is:

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