5. On November 10, a customer's credit card had a balance of P12,300. Purchases of P2,450 and P5,600 were made on November 13 and November 23, respectively. A payment of P10,000 was made on December 5. If the interest rate on the average daily balance is 3.5% per month, compute the finance charge on the December 10 bill. Fill-in the table below to complete the activity on the credit card. Unpaid Balance per day 12,300 Number of Days Period Total Unpaid Balance 36,900 Purchases or Payments Nov. 10 – 13 Nov. 13 – 23 Nov. 23 – Dec. 5 Dec. 5 – Dec. 10 Total
5. On November 10, a customer's credit card had a balance of P12,300. Purchases of P2,450 and P5,600 were made on November 13 and November 23, respectively. A payment of P10,000 was made on December 5. If the interest rate on the average daily balance is 3.5% per month, compute the finance charge on the December 10 bill. Fill-in the table below to complete the activity on the credit card. Unpaid Balance per day 12,300 Number of Days Period Total Unpaid Balance 36,900 Purchases or Payments Nov. 10 – 13 Nov. 13 – 23 Nov. 23 – Dec. 5 Dec. 5 – Dec. 10 Total
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Transcribed Image Text:5. On November 10, a customer's credit card had a balance of P12,300. Purchases of P2,450 and P5,600
were made on November 13 and November 23, respectively. A payment of P10,000 was made on
December 5. If the interest rate on the average daily balance is 3.5% per month, compute the finance
charge on the December 10 bill. Fill-in the table below to complete the activity on the credit card.
Unpaid Balance
per day
12,300
Total Unpaid
Balance
Period
Purchases
Number of
or Payments
Days
3
Nov. 10 – 13
36,900
-------
Nov. 13-23
Nov. 23 - Dec. 5
Dec. 5- Dec. 10
Total
-------
-------
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