A credit card account had a $243 balance on March 5. A purchase of $179 was made on March 12, and a payment of $125 was made on March 28. Find the average daily balance if the billing date is April 5. (Round your answer to the nearest cent.)

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

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A: Here, Interest Rate is 1.6% per month on average daily balance

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A:

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A: Firstly, average daily balance is calculated as below: result:

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A: Interest is an amount paid on money borrowed from the company or an individual over a period of…

Q: Find the average daily balance

A: Meaning of Average Daily Balance Average daily balance refers to a method where the credit card…

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

A: Computation of the average daily balance:Hence, the average daily balance is $352.80.

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A: A credit card is a financial tool or instrument that is being used by account holders or individuals…

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A: a. Cash collected from customers= Beginning Accounts Receivable + Credit sales - Ending Accounts…

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A: Given Data: Computer Cost = $1,200 Silver card charges = 18% Gold card Charges = 18% Repayment:…

Q: On December 1, the Accounts Receivable account had a $22.000 debit balance. During December the…

A: Ending Account receivable = Beginning account receivable + Revenue on account - Collection from…

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

A: Workings:

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

A: Working:

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A: Average daily balance is calculated as the average of the account balance at the end of each billing…

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

A: The ending balance is the sum of its previous outstanding balance less any payments and addition of…

Q: Here is Justin's credit card statement for the month of June. Date June 1 Beginning balance June 9…

A: Date Transaction Transaction Amount 01 June 2022 Beginning balance  $               2,500.04 09…

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: calculate the unknown amount. On September 30, Valerian Co. had a $102,500 balance in Accounts…

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Q: On October 23, you plan to purchase a $1,500 computer by using one of your two credit cards. The…

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A: Hi, since you have posted a question with multiple sub-parts. We will answer the first three, as per…

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A: Warranty liability: Sometimes, when products are sold with warranty organizations make an estimation…

Q: Using the table, what is the average daily balance of the credit card for the July 1 - July 31…

A: Please see below calculation of average daily balance= From Day 1 to Day 8:- Closing Balance=8000…

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A: Definition: Revenues: Revenues are earnings from operations of a business. The operating activities…

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

A: Average daily balance is used to calculate the interest due on the payment.

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

A: Here are the guides: i. Define the credit card. > whereby charges are applied to a line of credit…

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

A: Average daily balance = ∑unpaid balance * number of days Finance charge = Average daily…

Q: A man received an invoice for washing machine for $455 dated April 17, with a sales term of 2/10…

A: Sales on terms like 2/10 EOM means that if payment is made within 10 days of transaction of…

Q: On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May,…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: On October 23, you plan to purchase a $1,200 computer by using one of your two credit cards. The…

A: The question doesn't define whether the rate is annually or monthly, so we are taking the rate as a…

Q: Joan Jenkins had a beginning balance of $1000 on her credit card as of October 1 last month. On…

A: Computation of average daily balance:Hence, the average daily balance is $991.Answer: Option C