On August 10, a credit card account had a balance of $320. A purchase of $51 was made on August 15, and $158 was charged on August 27. A payment of $78 was made on August 15. The interest on the average daily balance is 1.14% per month. Find the finance charge on the September 10 bill. Part 1 of 3 Based on the data provided in the problem, complete the following table. Date Payment/Purchase Balance Days Balance x Days Aug 10-14 $320 $1600 Aug 15 51 $0 Aug 15-26 -78 $293 12 $3516 Aug 27-Sept 9 158 $451 14 $ $ Total
On August 10, a credit card account had a balance of $320. A purchase of $51 was made on August 15, and $158 was charged on August 27. A payment of $78 was made on August 15. The interest on the average daily balance is 1.14% per month. Find the finance charge on the September 10 bill. Part 1 of 3 Based on the data provided in the problem, complete the following table. Date Payment/Purchase Balance Days Balance x Days Aug 10-14 $320 $1600 Aug 15 51 $0 Aug 15-26 -78 $293 12 $3516 Aug 27-Sept 9 158 $451 14 $ $ Total
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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