On July 7, the billing date, Marvin Zug had a balance due of $265.72 on his credit card. His card charges an interest rate of 1.25% per month. The transactions he made are to the right. a) Find the finance charge on August 7, using the previous balance method. b) Find the new balance on August 7. a) The finance charge on August 7 is $475 (Round to the nearest cent as needed.) Marvin made the following transactions during the month July 15 Charge: $58.24 $48.36 $110.00 Office supplies July 17 Charge: Scarf July 22 Payment July 28 Charge: Toy truck $35.73

On July 7, the billing date, Marvin Zug had a balance due of $265.72 on his credit card. His card charges an interest rate of 1.25% per month. The transactions he made are to the right. a) Find the finance charge on August 7, using the previous balance method. b) Find the new balance on August 7. a) The finance charge on August 7 is $475 (Round to the nearest cent as needed.) Marvin made the following transactions during the month July 15 Charge: $58.24 $48.36 $110.00 Office supplies July 17 Charge: Scarf July 22 Payment July 28 Charge: Toy truck $35.73

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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