From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer’s concern. Note: Round your final answer to the nearest cent. 28-day billing cycle 3/18 Billing date $ 672 Previous balance 3/24 Payment $ 59 Credit 3/29 Charge: Sears 218 4/5 Payment 17 Credit 4/9 Charge: Macy’s 166 Average daily balance:

From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer’s concern. Note: Round your final answer to the nearest cent. 28-day billing cycle 3/18 Billing date $ 672 Previous balance 3/24 Payment $ 59 Credit 3/29 Charge: Sears 218 4/5 Payment 17 Credit 4/9 Charge: Macy’s 166 Average daily balance:

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 4CE: On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton...

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28-day billing cycle
3/18	Billing date	$ 672	Previous balance
3/24	Payment	$ 59	Credit
3/29	Charge: Sears	218
4/5	Payment	17	Credit
4/9	Charge: Macy’s	166

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