Use the unpaid balance method to find the finance charge on the credit card account. Last month's balance, the payment, the annual interest rate, and any other transactions are given. Last month's balance, $400 Payment, $350 Interest rate, 16.7% Bought plane ticket, $100 Bought luggage, $135 Paid hotel bill, $195

Use the unpaid balance method to find the finance charge on the credit card account. Last month's balance, the payment, the annual interest rate, and any other transactions are given. Last month's balance, $400 Payment, $350 Interest rate, 16.7% Bought plane ticket, $100 Bought luggage, $135 Paid hotel bill, $195

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...

See similar textbooks

Similar questions

Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?
Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?
Using the unpaid balance method find the current month's finance charge on a credit card account having the following transactions Last month's balance $895 Last payment $230 Annual Interest rate 15% Purchases $464 Returns $862
Assume that you start with a balance of $610 on your credit card.During the first month you charge $180 and make a payment of $400. During the second month you charge $100 and make a payment of $280. Assume that your credit card charges a 24% APR. Complete the following take table. Round your answer to the nearest cent. Table 1 month- Previous balance- Finance charge- Purchase- Payments- New balance 2 month- Previous balance- Finance charge- Purchase- Payments- New balance You have a credit card with an APR of 28%. The minimum amount payment is 12% of the balance. Suppose you have a balance of $1050. You decide to stop charging and make only the minimum payment. Complete the table. Round your answers to the nearest cent Table 1 month- Previous balance- Finance charge- Purchase- Payments- New balance 2 month- Previous balance- Finance charge- Purchase- Payments- New balance
Using the unpaid balance method, find the current month's finance charge on a credit card account having the following transactions. Last month's balance:$665 Last payment: $90 Annual Interest rate: 15% Purchases: $446 Returns: $375 The finance charge is $___
Assume that you start with a balance of $3900 on your credit card. During the first month you charge $400 and during the second month you charge $650. Assume that your credit card charges a 29% APR and that each month you make only the minimum payment of 2.5% of the balance . Complete the following table. Round to nearest cent Table Month 1 Previous balance- Finance charge - Purchase- Payments- New balance Month 2 Previous balance- Finance charge - Purchase- Payments- New balance
Using the unpaid balance method, find the current month's finance charge on a credit card account having the following transactions. Last month's balance: $615 Last payment: $80 Annual Interest rate: 21% Purchases: $484 Returns: $545 The finance charge is $___ (Round to the nearest cent.)
Using the unpaid balance method, find the current month's finance charge on a credit card account having the following transactions. Last month's balance: $470 Last payment: $60 Annual Interest rate: 21% Purchases: $768 Returns: $467
K For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $464.26 January 12 Billing Date January 14 Returns January 21 Clothes January 25 Bus tickets February 3 Payment February 8 Flowers $105.64 $122.68 $63.87 $125 $56.36 ...
Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $200. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 18% on the account and that the billing date is April 1st. ..... Date Transaction April 3 Charged $125 for a coat April 11 Made payment of $142 April 21 Charged $34 for DVDs April 28 Charged $25 for groceries The finance charge for the month of April is $enter your response here.