Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
22nd Edition
ISBN: 9781305930421
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 17, Problem 1SEA
TERM OF A NOTE Calculate total time in days for the following notes. (Assume there are 28 days in February.)
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Based on the information given below, what is the "Days Revenue in
Accounts Receivable" for the quarter ending September 30? For this
problem, assume that the quarter has 90 days. (Round your answer to 2
decimal places. For example, 12.3456 should be entered as 12.35.)
Month
Revenues A/R at End of Quarter
July
*186,049
26,843
August
208,033
85,406
September 209,968
63,674
TOTALS
?
?
Suppose your MasterCard calculates interest using the average daily balance method, and the monthly
interest rate is 1.6%. The itemized billing for the month of August is shown below.
Detail
Unpaid balance
Charge
Charge
Charge
Payment received
Last day of billing period
Payment due date
Date
August 1
August 9
August 10
August 18
August 25
August 31
September 7
(a) Find the average daily balance. $
(b) Find the interest due for this month. $
Amount
1085
125
1130
140
995
(c) Find the total balance owed on the last day of the billing period. $ 1,514.97 Or
(d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What
is the minimum monthly payment due for this month? $
Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $290. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 21% on the account and that the billing date is August 1st. (see image for table.)
The finance charge for the month of August is $___
Chapter 17 Solutions
Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
Ch. 17 - The maturity value of a note includes both...Ch. 17 - Prob. 2TFCh. 17 - The difference between the maturity value of a...Ch. 17 - Prob. 4TFCh. 17 - When a dishonored note is collected, interest is...Ch. 17 - Principal plus interest equals ______ of a note....Ch. 17 - Prob. 2MCCh. 17 - Prob. 3MCCh. 17 - Prob. 4MCCh. 17 - Accrued interest payable is reported as a ______...
Ch. 17 - Prob. 1CECh. 17 - Prob. 2CECh. 17 - Prob. 3CECh. 17 - Prob. 1RQCh. 17 - Prob. 2RQCh. 17 - Prob. 3RQCh. 17 - Prob. 4RQCh. 17 - Prob. 5RQCh. 17 - Prob. 6RQCh. 17 - Prob. 7RQCh. 17 - Prob. 8RQCh. 17 - Prob. 9RQCh. 17 - On which notes receivable and notes payable is it...Ch. 17 - Prob. 11RQCh. 17 - When a business borrows money from a bank on a...Ch. 17 - What kind of account is Discount on Notes Payable,...Ch. 17 - Prob. 14RQCh. 17 - Prob. 15RQCh. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - Prob. 2SEACh. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - Prob. 5SEACh. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Marienau Suppliers...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - NOTES PAYABLE ENTRIES Milo Radio Shop had the...Ch. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - CALCULATING INTEREST Using 360 days as the...Ch. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, DISCOUNTED,...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES M. L. DiMaurizio had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Madison Graphics had...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - Prob. 13SPBCh. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - Prob. 1MYWCh. 17 - Rochelle needed to borrow 3,000 for three months...Ch. 17 - Eddie Edwards and Phil Bell own and operate The...Ch. 17 - Prob. 1CP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 2.4%. The itemized billing for the month of August is shown below. Detail Date Amount Unpaid balance August 1 635 Charge August 9 470 Charge August 10 860 Charge August 18 275 Payment received August 25 665 Last day of billing period August 31 Payment due date September 7 (a) Find the average daily balance. $ (b) Find the interest due for this month. $ (c) Find the total balance owed on the last day of the billing period. $ (d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month?arrow_forwardConsider the following credit card activity for the month of September: Date Balance September 1 $0 September 6 $563 September 14 $1,192 September 18 $1,536 September 25 $2,222 If this card's annual APR is 22.9% and the September balance is not paid during the grace period, how much interest is owed for September? • There are 30 days in September. Round your answer to the nearest dollar.arrow_forwardConsider the following credit card activity for the month of September: Date Balance September 1 $0 September 7 $331 September 13 $935 September 21 $1,552 September 25 $ 2,208 If this card's annual APR is 20.9% and the September balance is not paid during the grace period, how much interest is owed for September? There are 30 days in September. Round your answer to the nearest dollar.arrow_forward
- Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.9%. The itemized billing for the month of August is shown below The average daily balance has already been computed and is $2739.52. (a) Find the interest due for this month. $ (b) Find the total balance owed on the last day of the billing period. $ (c) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $arrow_forwardCalculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note Length of note 45 days Date note discounted Discount period September 11 October 5 daysarrow_forwardcompute number of days sales in receivables round your calculation and answer assume 365 days ina yeararrow_forward
- On the 1st of March,a Note with a due date on March 31 is replaced by another one with a new due date on May 15.The note is discounted at 10% and the maturity value of the new note is $10,710.Calculate the maturity value of the first one.arrow_forwardCalculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note Length of note Date note discounted Discount period April 12 45 days May 02 daysarrow_forwardPresented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.) Maturity Total Annual Date of Note Terms Date Principal Interest Interest Rate $804,000 6% $ (a) 60 days April 1 30 days $540 (b) July 2 108,000 9% $ (c) March 7 6 months 125,400arrow_forward
- Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation. Do not round intermediate calculations.) Maturity Annual Total Date of Note Terms Date Principal Interest Rate Interest 60 April 1 $720,000 6 % a. days 30 b. July 2 70,800 days 6. March 7 127,600 9 % C. months %24 %24arrow_forwardCalculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note July 13 Length of note 40 days Date note discounted August 3 Discount period daysarrow_forwardUse the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $260. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 24% on the account and that the billing date is August 1st. The finance charge for the month of August is $ (Round to the nearest cent as needed.) Date August 7 August 14 August 19 August 30 Transaction Made payment of $79 Charged $125 for hiking boots Charged $24 for gasoline Charged $27 for restaurant mealarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage LearningCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License