Margeaux's bill of P6 000 was due on March 6. A purchase of P 2 000 was made on March 18 and P 4 500 was charged on March 25. A payment of P 7 500 was made on March 22 and she also made a purchase of P 2 750 on March 28. The interest on the average daily balance is 3.5% per month. Find the current balance if the billing date is every 6th of the month. Answer:

Margeaux's bill of P6 000 was due on March 6. A purchase of P 2 000 was made on March 18 and P 4 500 was charged on March 25. A payment of P 7 500 was made on March 22 and she also made a purchase of P 2 750 on March 28. The interest on the average daily balance is 3.5% per month. Find the current balance if the billing date is every 6th of the month. Answer:

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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