Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $29.59 October 16 Credit $10.00 October 25 Purchase $123.60 average daily balance
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $29.59 October 16 Credit $10.00 October 25 Purchase $123.60 average daily balance
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 15P
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Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.)
Date | Activity | Amount |
---|---|---|
October 3 | Cash advance | $50.00 |
October 7 | Payment | $75.00 |
October 10 | Purchase | $29.59 |
October 16 | Credit | $10.00 |
October 25 | Purchase | $123.60 |
average daily balance =
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