Kimberly has a revolving credit account at an annual percentage rate of 15%. Her previous monthly balance is $764.19. Find the new balance if Kimberly's account showed the following activity. (Use the unpaid balance method.) STATEMENT OF ACCOUNT Billing cycle: May 1-31 May 7 Cleaning Supplies $ 88.76 May 10 Payment 115.00 May 14 Jim's Appliance (credit) 270.72 May 19 Jen's Catering 354.12 May 28 Jackie's Garage 743.92 O $743.92 O $1,574.82 O $2,000.00

Kimberly has a revolving credit account at an annual percentage rate of 15%. Her previous monthly balance is $764.19. Find the new balance if Kimberly's account showed the following activity. (Use the unpaid balance method.) STATEMENT OF ACCOUNT Billing cycle: May 1-31 May 7 Cleaning Supplies $ 88.76 May 10 Payment 115.00 May 14 Jim's Appliance (credit) 270.72 May 19 Jen's Catering 354.12 May 28 Jackie's Garage 743.92 O $743.92 O $1,574.82 O $2,000.00

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

Kimberly has a revolving credit account at an annual percentage rate of 15%. Her previous monthly balance is $764.19. Find the new balance if Kimberly's account showed the following activity. (Use the unpaid balance method.)
STATEMENT OF ACCOUNT Billing cycle: May 1-31
May 7
Cleaning Supplies
$ 88.76
May 10
Payment
115.00
May 14
Jim's Appliance (credit)
270.72
May 19
Jen's Catering
354.12
May 28
Jackie's Garage
743.92
O $743.92
O $1,574.82
O $2,000.00
O $2,346.26

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