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On the first day of a current month, rent for four months was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to cash. Monthly statement are now being prepared
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- Estimated income taxes for the month amounting to $450 ,to be next month.make journal entryThe table below shows the expenses and payments for 8 months on a credit card account with an initial balance of $400. Assume that the interest rate is 1.0% per month (12% APR) and that interest for a given month is charged on the balance for the previous month. Complete the table. After 8 months, what is the balance on the credit card? E Click the icon to view the table of expenses and payments. Complete the table below. (Round to the nearest cent as needed.) Month | Payment | Expenses | Interest | Balance - > Table of expenses and payments $400 $4.00 s204.00 --- --- --- 1 $400 $200 Month Payment Expenses Interest Balance $400 $200 1.0% x $400 204.00 2 $225 $225 1 $400 = $4.00 2 3 $225 $360 $400 $225 $350 $350 $60 $80 $200 S70 6 7 8. $100 $225 $110 Print DoneThe average daily balance of a credit card for the month of February was $1600$1600 and the unpaid balance at the end of the month was $900$900. If the annual percentage rate is 37.2%37.2% of the average daily balance, what is the total balance on the next billing date, March 1? Round your answer to the nearest cent.
- Use the average daily balance method to compute the finance charge on the credit card account for the month of august (31 days). The starting balance from the previous month is $240. The transactions on the account for the month are given in the table. Assume an annual interest rate 17% on the account and that the billing date is august 1. 8/5 payment of $89 8/12 charged $130 8/16 charged $27 8/25 charged $26 what is finance charge of augustFor the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% per month on the average daily balance Find (a) the average daily balance, (b) the monthly finance charge, and (e) the account balance for the next billing Previous Balance: $485.26 January 13 Billing Date January 15 Retums January 20 Clothes January 27 Bus Sickets February 2 Payment February 6 Flowers $105.09 $114.34 $76.83 $130 $64.41 (a) The average daily balance is (Round to the nearest cent as needed.) (b) The finance charge is (Round to the nearest cent as needed) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)ABC, Incorporated, has a beginning receivables balance on January 1st of $620. Sales for January through April are $380, $410, $490 and $510, respectively. The accounts receivable period is 60 days. How much did the firm collect in the month of March? Assume 365 days per year.
- Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $240. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 16% on the account and that the billing date is April 1st. The finance charge for the month of April is $ (Round to the nearest cent as needed) Date April 3 April 15 April 22 April 29 Charged $125 for a coat Made payment of $148 Charged $31 for DVDs Charged $32 for groceries TransactionThe balance on Ramon Felipe's credit card on January 20, his billing date, was $205.12. For the period ending February 20, Ramon had the following transactions to the right. a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 20. Assume an interest rate of 1.2% per month. c) Find the balance due on February 20. a) The average daily balance for the billing period was $ (Round to the nearest cent as needed.) b) The finance charge to be paid on February 20 is $ (Round to the nearest cent as needed.) c) The balance due on February 20 is $ (Round to the nearest cent as needed.) January 23 January 29 February 7 February 9 Charge: Restaurant meal Payment Charge: Lawn ornaments Charge: Microwave oven $47.21 $160.00 $57.92 $127.22On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. 1. Prepare the journal entry to record the issuance of the note.2. Prepare the journal entry to record the first monthly interest payment.
- On September 10, a credit card account had a balance of $450. A purchase of $47 was made of September 20, and $157 was charged on September 25. A payment of $175 was made on September 28. The interest rate on average daily balance is 1.25% per month. Find the finance charge on October 10 bill.On August 10, a credit card account had a balance of $335. A purchase of $52 was made on August 15, and $153 was charged on August 27. A payment of $77 was made on August 15. The interest on the average daily balance is 1.25% per month. Find the finance charge on the September 10 bill. (Round your answer to two decimal places.)Use the unpaid balance method to find the finance charge on the credit card account for August. The starting balance from the previous month is $240. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 21% on the account and that the billing date is August 1st.