The activity date, company, and amount for a credit card bill are shown below. The due date of the bill is July 10. On June 10, there was an unpaid balance of $987.81. Find the finance charge if the interest rate is 1.7% per month. (Round your answer to the nearest cent.) $4 Activity Date Company Amount Unpaid balance Jan's Surf Shop June 10 98781 June 11 156.33 June 12 Albertson's 45.61 June 15 The Down Shoppe 5984 June 16 NY Times Sales 18.54 June 20 Cardiff Delicatessen 23.09 June 22 The Olde Golf Mart 126.92 June 28 Lee's Hawaiian Restaurant 41.78 June 30 City Food Drive 100.00 July 2 Credit card payment -1000.00 July 8 Safeway Stores 161.38 Submit Answer
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![The activity date, company, and amount for a credit card bill are shown below. The due date of the bill is July 10. On June 10, there was an unpaid balance of $987.81. Find the finance charge if the
interest rate is 1.7% per month. (Round your answer to the nearest cent.)
Activity
Date
Company
Amount
June 10
Unpaid balance
987.81
June 11
Jan's Surf Shop
156.33
June 12
Albertson's
45.61
June 15
The Down Shoppe
59.84
June 16
NY Times Sales
18.54
June 20
Cardiff Delicatessen
23.09
June 22
The Olde Golf Mart
126.92
June 28
Lee's Hawaiian Restaurant
41.78
June 30
City Food Drive
100.00
July 2
Credit card payment
-1000.00
July 8
Safeway Stores
161.38
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