The unpaid balance at the start of a 30-day billing cycle was $600.91. No purchases were made during the billing cycle and a payment of $600.91 was credited to the account on day 20. Find the unpaid balance at the end of the billing cycle. Assume that the annual interest rate on a credit card is 19.47% and interest is calculated by the average daily balance method. The unpaid balance at the end of the billing cycle is $
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- Calculate the missing information on the following revolving credit accounts. Interest is calculated on the unpaid or previous month's balance. Do not enter the percent symbol in your answer. Round your answers for finance charge and new balance to the nearest cent. Annual Monthly Purchases Payments Previous Percentage Periodic Finance and Cash and New Balance Rate (APR) Rate Charge Advances Credits Balance $862.25 0.25% $156.80 $417.00Using the table, what is the average daily balance of the credit card for the November 1 - November 30 billing period? Round your answer to the nearest cent.Do not include a dollar sign or comma in your answer. For example, $5, 678.00 should be entered as 5678.00. Day Activity Adjustment Closing Balance 1 7500 11 Payment -500 7000 21 Payment -750 6250 30 Purchase +250 6500Calculate the missing information on the following revolving credit account. Interest is calculated on the unpaid or previous month's balance. Do not enter the percent symbol in your answer. Round your answers for finance charge and new balance to the nearest cent. Annual Monthly Purchases Payments Previous Percentage Periodic Finance and Cash and New Balance Rate (APR) Rate Charge Advances Credits Balance $2,440.00 $1,281.60 $3,679.00
- Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The…trout lumber Yard has a current accounts receivable balance of $442016. Credit sales for the year just ended were $9358610 a. What is the receivables turnover? b. What is the day's receivables? c. How long did it take on average for credit customers to pay off their accounts during the past year? a. Receivables turnover _____ times b. Days sales in receivables ____ days c. Average collection period_____ days3. Calculate the average billing daily balance for each of the monthly statements for the following revolving credit accounte assume a 30-day billing cycle: Billing date Payment amount Charge date(s) Charge amount(s) Average daily balance Previous Payment date 332.03 balance 4/29 $56 $35 a. 4/10 b. 6/15 $329 4/25 $25 6/26 6/30 $573 6/25 $60 $72 $12.50 $108 c. 9/15 $335.50 9/20 $33.55 9/25 9/26 find the finance charge for each monthly statement (problem 3) if the annual percentage rate is 15%
- 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 ioon 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 June 6 $1200.00 credit $35.43 $138.26 $41.97 $126.77 $214.27 June 8 Charge: Groceries June 17 Charge: Gas Charge: Grooeries June 27 Charge: Clothing June 9 a. Find the average daily balance for the billing period. Round to the nearest cent The average daily balance for the billing period is S. (Round to the nearest cent as needed.) June 30 End of billing period Payment Due Date: July 9 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…Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $45.00 12% % $ $176.20 $55.00 $Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Purchases Payments and New Balance Annual Finance Previous Periodic Percentage Rate (APR) Charge (in $) and Cash Rate (as a %) Balance Advances Credits (in $) $1,023.61 1.25% $322.20 $400.00 24
- We sold ABC company merchandise on account for $24,000 They were unable to pay it so we changed it to a notes receivable for 30 days at 7%. A) What is the journal entry to change the AR to a NR Debit Credit B) What is the journal entry to show receiving the payment for the note receivable and interest? Debit CreditUsing the table, what is the average daily balance of the credit card for the July 1 - July 31 billing period? Round your answer to the nearest cent. Day Activity Adjustment Closing Balance 1 ----- ------ 8000 9 Payment −700 7300 19 Purchase +550 7850 27 Payment −600 7250Using the table, what is the average daily balance of the credit card for the December 1 - December 31 billing period? Round your answer to the nearest cent. Day Activity Adjustment Closing Balance 1 -- -- 9,500 6 Purchase +500 10,000 16 Purchase +1,250 11,250 21 Purchase +3,000 14,250