Juliana had a history of bad credit but was able to secure a new credit card with an APR of 28%. What is the periodic rate of her average daily balance? .0767% 2.33% 28% none of these are correct
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Juliana had a history of bad credit but was able to secure a new credit card with an APR of 28%. What is the periodic rate of her average daily balance?
.0767%
2.33%
28%
none of these are correct
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- Average Daily Balance. Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest charges shown on her most recent credit card billing statement, which appears as Figure 7-1 on page 204. Use the average daily balances provided to recalculate the interest charges, and compare the result with the amount shown on the statement.Anis supplies stationery to her customers on credit. Based on previous years’ trends, 2% of her accounts receivable will turn bad. To be prudent, she wants to record this potential loss in her books. Which of the following is the correct journal entry to record this estimate? Select one: a. Debit- Allowance for doubtful debtsCredit- Accounts receivable b. Debit- Allowance for doubtful debtsCredit- Statement of Profit or Loss and Other Comprehensive Income c. Debit- Statement of Profit or Loss and Other Comprehensive IncomeCredit- Allowance for doubtful debts d. Debit- Bad debt expenseCredit- Accounts receivableYour credit card company charges you 2.33 percent per month. What is the APR on your credit card? Enter your answer as a percentage rounded off to two decimal places. Do not enter % in the answer box.
- May I ask for an explanation and solution to the question for a better understanding. Thank you! 14. What is Sculler's average collections period for accounts receivable? 58.40 days 73.00 days 91.25 days 84.00 daysWhich one of the following statements concerning bad debt expenses is correct? Select one: a. When you write off an accounts receivable, you debit bad debt expense and credit accounts receivable. b. You record bad debt expense when individual accounts receivable becomes uncollectible. c. Under the percentage of receivables method, bad debt expense is the year-end receivables multiplied by the % of uncollectible accounts. d. When the allowance method is used, bad debt expense is recorded before the accounts are written off.48. ABC Savings and Loan charges a monthly fee of $10 on checking accountsand an overdraft protection fee of $35. Kendra's check register showed thatshe had a balance of $490 when she wrote a check for $285. Three dayslater she realized that her check register had an error and she actually onlyhad $225. So she transferred $350 into her checking account. The next day,her monthly account statement was sent to her. What was the balance on herstatement?A. $315B. $265C. $290D. $245
- Applying the direct write-off method to account for uncollectibles Shawm Valley is an attorney in Los Angeles. Valley uses the direct write-off method to account for uncollectible receivables. On April 30, 2018, Valley’s accounts receivable totaled $1 9,000. During May, she revenue of $22,000 on the account and collected $15,000 on the account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirements Use the direct write-off method to journalize Valley’s write-off of the uncollectible receivables. What is Valley’s balance of Accounts Receivable on May 31, 2018?Match the following credit terms with the correct description. APR [Choose ] [Choose ] Known as the Annual Percentage Rate. Some credit cards charge these. They can be charged for membership and you may be required to pay them once a year. Credit cards that offer these give you cash or points for purchases you make. Occurs when you don't pay your monthly payment on time. These occur when you transfer your balance to a different card. When you move an existing balance to another credit card or account. The least amount of money you are obligated to pay back on a monthly basis to avoid fees and penalties. [Choose ] [Choose ] [Choose ] [Choose ] Fees Rewards Finance Charges Late fees Balance Transfer Minimum paymentUsing the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it for the problem listed below. Can you help me solve this? Direct Write-off Method Bad Debt Expense 50 Accounts Receivable 50 Allowance Method Bad Debt Expense 40 Allowance for Doubtful Accounts 40 less
- Examine the summary section of a monthly credit card statement above and find the New Balance. (Disregard the minimum paymentApplying the direct write-off method to account for uncollectible Susan Knoll is an attorney in Los Angeles. Knoll uses the direct write-off method to account for uncollectible receivables. At January 31, 2016, Knoll’s accounts receivable totaled $18,000. During February, she earned revenue of $21,000 on account and collected $23,000 on account. She also wrote off uncollectible receivables of $1,050 on February 29, 2016. Requirements Use the direct write-off method to journalize Knoll’s write-off of the uncollectible receivables. What is Knoll’s balance of Accounts Receivable at February 29, 2016?Your credit card company charges you 1.32 percent per month. What is the APR on your credit card?Multiple Choicea. 17.04%B. 16.44% C. 17.89%D. 15.05%E. 15.84%