Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $383.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.) Statement of AccountDATEJuly 04July 08July 16July 22July 29DESCRIPTION OF TRANSACTIONSKit and Capoodle PetsPaymentCash advanceBilling cycle: July 1-31Mountain VineyardsVu Video (credit)CHARGES$109.0861.0096.8231.3795.97

New balance is calculated by taking into consideration the previous balance and all the balance…

Answered: Suppose you have a revolving credit…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 4E: Journalize the following transactions in general journal form. a. Bought merchandise on account from...

See similar textbooks

Related questions

Question

100%

Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $383.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.)

Statement of Account
DATE
July 04
July 08
July 16
July 22
July 29
DESCRIPTION OF TRANSACTIONS
Kit and Capoodle Pets
Payment
Cash advance
Billing cycle: July 1-31
Mountain Vineyards
Vu Video (credit)
CHARGES
$109.08
61.00
96.82
31.37
95.97

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions