An account had a balance of P7,000 and paid P3,500 on the November 7 due date. A purchase of P2,000 was made on November 10, and a payment of P2,300 was made on November 16. The interest on the average daily balance is 2.7% per month. Find the finance charge on the November 18 bill.

Q: On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent…

A: This question is asking about the Journal entries for 31 October of issue of notes, 30 November of…

Q: Margeaux's bill of P6 000 was due on March 6. A purchase of P 2 000 was made on March 18 and P 4 500…

A: Current balance of Margeaux's bill on the 6th of the month is P7891.39

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Q: Alfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a…

A: Interest revenue is credited for $1,500.

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Q: A credit sale of $2800 is made on July 15, terms 4/10, net/30, on which a return of $200 is granted…

A: Net Receivables = Credit sales made - Sales return = $2800 - $200 = $2600

Q: Christine's bill of P5 000 was due on September 10. A purchase of P 3 000 was made on September 15…

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

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers…

A: Interest = Principal x rate of interest x no. of months / 12 months

Q: ABC Company negotiated a $250,000 revolving line of credit with the Bank of Montreal at prime plus…

A: Prime rate: It is the rate that is charged by the commercial banks for loans taken by the most…

Q: On May 9 Rainbow Daycare established an open line of credit with its bank and immediately withdrew…

A: Line of credit: A line of credit is typically a loan taken by a business to tide over short-term…

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: On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued…

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Q: FDN Company received a four-month note receivable in the amount of PHP41,000,000 on September 1. The…

A: Accrued Income : Accrued Incomes are those incomes which have been earned during the accounting…

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: A credit card account had a balance of $959 on May 5. A purchase of $285 was made on May 17, and a…

A: Average daily balance is a  accounting method that calculates interest charged by considering the…

Q: ) Included in Gonzalez Company’s December 31 trial balance is a note receivable of $12,000. The note…

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Q: Proco had an account payable of $3,800 due to Shiroo Inc., on of its suppliers. The amount was due…

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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: A bill for Php10,240 was due on July 1. Purchases of Php3,150 were made on July 7, and Php4,100 was…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

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

A:

Q: The t/p bill for this month was 200, the company will pay it next month what is the journal entry…

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A: Lets understand the basics. Seller for attracting early payment, gives the discount term to buyer of…

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A: Total interest charged to Buhler Industries on December 27 and January 27=$1990.76

Q: A company's telephone bill consists of two elements. One is a quarterly rental charge, payable in…

A: Solution: Introduction: Deferrals is a type of adjusting entry which can relate to both expense and…

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…

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A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Slack Inc. borrowed $320,000 on April 1. The note requires interest at 12% and principal to be paid…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: ABC Company negotiated a $250,000 revolving line of credit with the Bank of Montreal at prime plus…

A: Required: Interest charged on July 20th and August 20th. Assumption: There are 365 days in a year.

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A: Finance charge: It is the amount that is charged over & above the principal amount.

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A: Cash budget describes the budgeted cash inflow as well as cash outflow on an estimation basis. It…

Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note ,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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

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A: In case of interest calculated on a daily balance, you will have to make a proper track of every…

Q: Zaldy's bill of P5 000 was due on September 10. A purchase of P 3 000 was made on September 15 and P…

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Q: collection period of MS Manufacturers is 45 days. The creditors payment period is 30 days. The cash…

A: Given Cash conversion cycle = 73 days Debtor collection period = 45 days Creditors repayment period…

Q: An automotive dealer borrowed $9200.00 from the Bank of Montreal on a demand note on May 15.…

A: An amortization schedule is a complete table of periodic loan payments, showing the amount of…

Q: The Tomac Swim Club arranged short-term financing of $13,000.00 on July 19 with the Bank of Comm and…

A: In this we have to calculate daily interest and than calculate the total interest.

Q: a company borrowed 12,000 by signing a 120 day promissory note at 15% the total to be paid at…

A: Formula: Interest amount = Principal amount x Interest rate x Time period.

Calculating the Return On A Loan