A credit card account had a balance of $959 on May 5. A purchase of $285 was made on May 17, and a payment of $150 was made on May 20. The interest on the average daily balance is 1.5% per month. Find the average daily balance on the June 5 bill. (Round your answer to the nearest cent.

Q: Suppose the charge account of​ Strong's Mailing Service at the local supply store had a​ 1.8%…

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

Q: A credit card bill for $655 was due on April 14. Purchases of $155.56 were made on April 19. The…

A: A credit card bill for $655 was due on April 14April 19 purchase=$155.56Charge on April…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Finance charge is the charge which is paid by the borrower for borrowing the money from the…

Q: A credit card account had a $233 balance on March 5. A purchase of $107 was made on March 12, and a…

A: The computation of average daily balance: Hence, total billing period is 30 days, and the total…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: Average daily balance: It is the credit card’s balance during a given billing cycle.

Q: For the credit card account, assume one month between billing dates (with the appropriate number of…

A: Formula of Average Daily balance method:

Q: On August 10, a credit card account had a balance of $365. A purchase of $62 was made on August 15,…

A: In credit cards, we can say that finance charges include interest and transaction fees charged on…

Q: For the credit card account, assume one month between billing dates (with the appropriate number of…

A: Average balance is calculated by dividing the adjusted balance with total number of days.

Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…

A: Solution Given Balance on October 12 5000 Purchase made on October 15 1500 Payment…

Q: The activity on Denise Hellings' Sears account for one billing period is shown below. Find the…

A: Each day balance in the billing period and no of days are   time period               days…

Q: The unpaid balance at the start of a 28-day billing cycle was $981.72. A $6,000 purchase was made on…

A: Information Provided: Unpaid balance = $981.72 Purchase = $6000 Payment credited on Day 21 = $50…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Given: Annual interest rate is 18% April 14 $89 Charged for a coat April 17 ​$140 Made…

Q: Sheridan Clothing Store had a balance in the Accounts Receivable account of $460000 at the beginning…

A: Opening account receivable (A) = $ 460,000 Closing account receivable (B) = $ 450,000 Net credit…

Q: A charge account had a balance of $945 on May 5. A purchase of $233 was made on May 17, and a…

A: Finance charges : The finance charge on this account would be calculated on the basis of average…

Q: The "age" of an account receivable is the length of time that it has been outstanding. At the end of…

A: Accounts receivables is the current asset that represents the money which is to be received by…

Q: Use average daily balance method to compute the charge on the credit card account for the previous…

A: Computation:

Q: On October 24, you plan to purchase a $1,800 computer by using one of your two credit cards. The…

A: The question is based on the concept of loan and amortization.

Q: credit card bill for $559 was due on September 14. Purchases of $289 were made on September 19, and…

A: Given:   Opening balance as on Sept-14  $ 559.00 Purchases on Sept-19  $ 289.00 Charges in…

Q: An account had a balance of P7,000 and paid P3,500 on the November 7 due date. A purchase of P2,000…

A: Account balance P7,000 Paid an amount of  P3,500 on the November 7 due date. A purchase of P2,000…

Q: The table below shows a summary of Maya's credit card statement for the month of February.…

A: Here in this question we are required to calculate interest and unpaid balance on March 1. For…

Q: On October 24, you plan to purchase a $1,800 computer by using one of your two credit cards. The…

A: Interest is the periodic obligation of the borrower to pay towards the sum borrowed. It is computed…

Q: A bill for P1024 was due on July 1. Purchases of P315 were made on July 7, and P410 was charged on…

A: A finance charge is a cost of borrowing money, including interest and other fees. It can be a…

Q: On December 1, the Notes Receivable account had a normal balance of $130,000.  During December, the…

A: Balance of the account on December 31 = Beginning balance + Amount debited - Amount Credited

Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…

A:

Q: On August 10, a credit card account had a balance of $320. A purchase of $51 was made on August 15,…

A: Here, Credit Card Balance is $320 Purchase on Aug 15 is $51 Payment on Aug 15 is $78 Charged on Aug…

Q: Marie's Clothing Store had an acounts receivable balance of $440,.000 at the beginning of the year…

A: Accounts receivable turnover = Net credit sales / average Accounts receivable =…

Q: iary calculations to two decimal places and your final answer to the nearest day.)   A. 54 days.

A: The right answer is c]option C. 46 days.

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Finance charge is an additional amount which is charged on an amount financed through external…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: The billing cycle is the time gap between two closing dates of the company. The ending balance is…

Q: A credit card account had a $230 balance on March 5. A purchase of $150 was made on March 12, and a…

A: Hence, total billing period is 30 days, and the total balance of unpaid amount in each day of the…

Q: 5. On November 10, a customer's credit card had a balance of P12,300. Purchases of P2,450 and P5,600…

A: The finance charge on the credit card is the interest charges for the usage of the credit card.

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Determine the average daily balance: Days Balance Number of Days x Balacne 7 $410 $2,870.00 2…

Q: What is the finance charge for this month?

A: Finance Charge: The finance charge represents the cost of borrowing or the cost of credit. Hence,…

Q: A credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On…

A: daily average balance formula: daily average balance =sum of daily balancebilling period

Q: The “age” of an account receivable is the length of time that it has been outstanding. At the end of…

A: Accounts receivable aging is the process of distinguishing open accounts receivable based on the…

Q: On august 10, a credit card account had a balance of $345. A purchase of $64 was made on august 15,…

A: Finance charge means the interest which a borrower is required to pay on the outstanding credit. The…

Q: For the credit card account below, compute the average daily balance, the finance charge, and the…

A: The following are the formulas used to calculate the answer;- 1. Average Daily Balance = ∑Daily…

Q: For the credit card account, assume one month between billing dates (with the appropriate number of…

A: The average daily balance can be calculated by adding the daily balances during the billing period…

Q: A credit card account had a $243 balance on March 5. A purchase of $179 was made on March 12, and a…

A: From March 5 to March 12, the balance of account is $243 for 7 days.From March 12 to March 28, the…

Q: A credit card had a previous balance of P 9 500 on June 10. A purchase of P 5 000 was made on June…

A: Average daily balance = Total of (Number of days * Unpaid balance) / Total number of days

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Average daily balance is calculated by weighted average of balance with number of days as weigh of…

Q: On the January 25 billing date, Vivian had a balance due of $387.19 on her credit card. The…

A: As per the given information: January 25 Balance due - $387.19 January 26 Charge: Curtains - $386…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Computation:

Q: Use the unpaid balance method to find the finance charge on the credit card account for April. The…

A: GIVEN DATA   The starting balance from the previous month is ​$200. The transactions on the account…

Q: For the credit card account below, compute the average daily balance, the finance charge, anc…

A: The credit cards are charged on the basis of average daily balance during the month and finance…

Q: On September 10, a credit card account had a balance of $450. A purchase of $47 was made of…

A: In average daily balance, the total monthly adjusted amount is divided by total days to get the…

Q: On August 10, a credit card account had a balance of $335. A purchase of $52 was made on August 15,…

A: The average daily balance can be calculated by dividing the number of days from the sum amount owed…

Q: A credit card balance at the beginning of the month is $6,000. on the fourth day a $200 charge is…

A: Average daily balance method =Daily balance*no of days/Total no of days outstanding. Days.…

Q: On the April 4 billing date, Michaelle Chappell had a balance due of $1281.46 on her credit card.…

A: In previous due method, the interest charges are calculated on the previous month balance due.

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.