The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement in the popup. E Click the icon to view the credit card statement. - X Credit Card Statement Transaction Description Transaction Amount Previous balance, $2652,12 June 1 Billing date Payment Charge: Gas Charge: Groceries June 17 Charge: Gas Charge: Grooeries Charge: Clothing June 30 End of billing period Payment Due Date: July 9 $1200.00 credit $35.43 $138.26 $41.97 $126.77 $214.27 June 6 June 8 June a. Find the average daily balance for the billing period. Round to the nearest cent. June 27 The average daily balance for the billing period is S. (Round to the nearest cent as noeded.) b. Find the interest to be paid on July 1, the next billing date. Round to the nearest cent. The interest to be paid on July 1 is $- (Use the answer from part a to find this answer. Round to the nearest cent as needed.)
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement in the popup. E Click the icon to view the credit card statement. - X Credit Card Statement Transaction Description Transaction Amount Previous balance, $2652,12 June 1 Billing date Payment Charge: Gas Charge: Groceries June 17 Charge: Gas Charge: Grooeries Charge: Clothing June 30 End of billing period Payment Due Date: July 9 $1200.00 credit $35.43 $138.26 $41.97 $126.77 $214.27 June 6 June 8 June a. Find the average daily balance for the billing period. Round to the nearest cent. June 27 The average daily balance for the billing period is S. (Round to the nearest cent as noeded.) b. Find the interest to be paid on July 1, the next billing date. Round to the nearest cent. The interest to be paid on July 1 is $- (Use the answer from part a to find this answer. Round to the nearest cent as needed.)
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...
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