Using the table, what is the average daily balance of the credit card for the August 1 - August 31 billing period? Round your answer to the nearest cent. Day 1 8 16 24 Activity Payment Purchase Purchase Adjustment Closing Balance -400 +350 +600 850 450 800 1,400

Q: The entry to record the receipt of payment within the discount period on a sale of $4000 with terms…

A: DISCOUNTING PERIOD A firm makes sales to its customer and allows a discount for making payment…

Q: invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of the discount period, and…

A: Generally the discount is given by the supplier in order to receive the immediate payment and create…

Q: In the credit terms 1/10, n/30, what does the "1" represent? Group of answer choices number of days…

A: Solution Concept Meaning of term credit terms 1/10, n/30,  It means that if the payment is made…

Q: Determine the missing information for the following line of credit for the month of March. Date…

A:

Q: How much did Joe pay for his last рayment? 3. Why was Joe charged $35 by the credit card company? 4.…

A: Given is the credit card statement of Joe Doe.

Q: The entry to record a payment on a $690 account within the 2​% discount period would include​ a:…

A: Cash discount is recorded in cash account. Any other account will not be deducted by this amount.

Q: A company records the following journal entry: debit Cash $1,470, debit Sales Discounts $30, and…

A: Sales Discount is the discount which is given by the seller to their customer on sale of goods or…

Q: total amount of the credit-card sales on the record for the date 09/24/10. 4/10 ...... Sales Refunds…

A: Sales revenue refers to the income received through firm from its goods sale or from provision of…

Q: The credit card with the transactions described on the right uses the average daily balance method…

A: Average daily balance is the average balance on the whole month sale and purchase and is the basis…

Q: What is the number of days’ sales in receivables?  Round to one decimal place. Group of answer…

A: Number of days' in receivables Days Sales Outstanding (DSO) represents the average number of days it…

Q: You have a revolving credit account at an annual percentage rate of 18%. Use the average daily…

A: Answer is Option B =$151.28

Q: Need Help with this Question

A: To compute the amount of credit sales, we must take into account the opening balance of Accounts…

Q: Calculate the average daily balance and finance charge on the statement below. Note: Round your…

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

Q: In credit terms of 2/10, n/30 the "2" represents the A. Number of days in the discount period O B.…

A: Note: 2/10, n/30: Here, 2 represents the discount rate if payment is made within ten days. And if…

Q: a. From the following list of balances, prepare the Accounts Receivable Control Account for the…

A: Accounts Receivable: Accounts receivable indicates the amounts which company has not received from…

Q: Using the table, what is the average daily balance of the credit card for the August 1 through…

A: The average daily balance is generally used to calculate interest on credit card balances. It means…

Q: Accounts Receivable Analysis A company reports the following: Sales $531,440 Average accounts…

A: Accounts receivable represents the amount that has been earned but not yet received by the customer.…

Q: Suppose your business has secured a line of credit and receives the accompanying statement of…

A: Note: As per our guidelines, only the first three subparts have been answered      Interest…

Q: Want Correct Answer with calculation

A: Step 1: Identify the formula for credit sales and the given valuesCredit Sales = Customer payments -…

Q: Current Attempt in Progress At December 1, 2022, Tamarisk, Inc. Accounts Receivable balance was…

A: Formula: Balance on December 31, 2022 = Balance on December 1, 2022 + Credit sales during December –…

Q: Alpha Corporation sells $2799 of merchandise on account to Blackwell Company with credit terms of 3…

A: Payments terms of 3/10, n/30 means discount of 3% on goods is valid for 10 days from the date of…

Q: An invoice for furniture for $1, 210.88 with terms of 2/10, n/60 is dated October 3. A. What is…

A: The question is based on the concept of Financial Accounting.

Q: Suppose that your credit card activity for December looked like this: Date Activ December 5 $323…

A: Average daily balance is the weighted average daily balance based on the whole month of purchase and…

Q: se the following selected financial statement information from Black Water Industries. BLACK WATER…

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

Q: Here is Deon's credit card statement for the month of November. Date Transaction November 1…

A: As in case of preparing table from credit card statement the amount of purchases increases the…

Q: Accounts receivable turnover and days' sales in receivables For two recent years, Robinhood Company…

A: ACCOUNT RECEIVABLE TURNOVER RATIOAccount Receivable Turnover Ratio is the Ratio between Net Sales…

Q: uppose you have a revolving credit account at an annual percentage rate of 12%, and your previous…

A: Under the unpaid balance method, there is a finance charge calculated which is based on the previous…

Q: A company reports the following: Sales Average accounts receivable (net) Determine (a) the accounts…

A: The account receivable turnover ratio indicates the efficiency of the entity in collecting accounts…

Q: need help finding the net payment and credit towards account still due invoice amount= $538.42…

A: 3/10,1/15, n/30 E.O.M It means the 3% discount will be received if the payment made within 10 days…

Financial Ratios

A Ratio refers to a figure calculated as a reference to the relationship of two or more numbers and can be expressed as a fraction, proportion, percentage, or the number of times. When the number is determined by taking two accounting numbers derived from the financial statements, it is termed as the accounting ratio.

Return on Equity

The Return on Equity (RoE) is a measure of the profitability of a business concerning the funds by its stockholders/shareholders. ROE is a metric used generally to determine how well the company utilizes its funds provided by the equity shareholders.