Answered: Solve 31-day billing cycle 10/5…

Solve 31-day billing cycle 10/5 Billing date from previous Balance $ 3,300 10/11 Charge $ 320 10/18 Charge $ 1,240 10/25 Payment $ 400 11/1 Charge $ 630 Find the Average Balance:

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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Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

Solve

31-day billing cycle

10/5 Billing date from previous Balance $ 3,300

10/11 Charge $ 320

10/18 Charge $ 1,240

10/25 Payment $ 400

11/1 Charge $ 630

Find the Average Balance:

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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: