A credit card bill due on April 5 showed a balance of $263. The card holder forgot to pay the bill until the 20th of the month, but paid the full amount of $263 at that time. In the mean time, the card was used to make purchases of $138 on the 10th of the month and $74 on the 20th of the month. What was the average daily balance for the billing period?
A credit card bill due on April 5 showed a balance of $263. The card holder forgot to pay the bill until the 20th of the month, but paid the full amount of $263 at that time. In the mean time, the card was used to make purchases of $138 on the 10th of the month and $74 on the 20th of the month. What was the average daily balance for the billing period?
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.13MCE: Reconstructing a Beginning Account Balance During the month, services performed for customers on...
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A credit card bill due on April 5 showed a balance of $263. The card holder forgot to pay the bill until the 20th of the
month, but paid the full amount of $263 at that time. In the mean time, the card was used to make purchases of $138 on
the 10th of the month and $74 on the 20th of the month. What was the average daily balance for the billing period?
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