Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $196.30, a payment of $40 posted on March 9, and a purchase of $33.20 posted on March 17. The billing cycle ends March 31. The average daily balance is S (Type an integer or decimal rounded to the nearest hundredth as needed.)

Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $196.30, a payment of $40 posted on March 9, and a purchase of $33.20 posted on March 17. The billing cycle ends March 31. The average daily balance is S (Type an integer or decimal rounded to the nearest hundredth as needed.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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