Is this correct? 7:07 PM Fri Mar 25* VPN 46% OCopy of Finance_ProblemSet1+A...A田日3.The table below shows the activity on the credit card statement of MissPepper Mills for the month of April. She started the month with a balance ofTEFPJTZ.J7.DateActivityPaymentChargeChargeChargeLocationAmount$200.0004/0504/1504/2204/25PaymentGas$26.37Масy's$105.42$4.24Starbucksа.Find the average daily balance.3)1200.00$26.37t105,4714.24) Teget anuer, Iaddeed total amentladpayments.dindey bu howmanytranJkettin)336.03.tob.If her card charges an 18.5% annual interest rate on her average dailybalance, calculate Miss Pepper Mill's finance charge for the monthof April. (Make sure to use the method -- formula I = Prt --shown in the lecture video, not the method shown in ALEKS.)ansuen, I tuckgetthe total amant spetI=PrtTo336.0318511nex mutielied it byannual rate C185) ade mutiplied ia byI for the Imunth//yeurthansaptiun giriny6216.55白I!!!!

Finance charge is the cost that normally charged for using credit card.

Answered: vity Location Amou

Business

Finance

vity Location Amou

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter9: Receivables

Section: Chapter Questions

Problem 9.6BPR: Sales and notes receivable transactions The following were selected from among the transactions...

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Question

Is this correct?

7:07 PM Fri Mar 25
* VPN 46% O
Copy of Finance_ProblemSet1
+
A
...
A
田
日
3.
The table below shows the activity on the credit card statement of Miss
Pepper Mills for the month of April. She started the month with a balance of
TEF
PJTZ.J7.
Date
Activity
Payment
Charge
Charge
Charge
Location
Amount
$200.00
04/05
04/15
04/22
04/25
Payment
Gas
$26.37
Масy's
$105.42
$4.24
Starbucks
а.
Find the average daily balance.
3)1200.00
$26.37
t105,47
14.24
) Teget anuer, I
addeed total ament
lad
payments.
dindey bu how
manytranJkettin)
336.03.
to
b.
If her card charges an 18.5% annual interest rate on her average daily
balance, calculate Miss Pepper Mill's finance charge for the month
of April. (Make sure to use the method -- formula I = Prt --
shown in the lecture video, not the method shown in ALEKS.)
ansuen, I tuck
get
the total amant spet
I=Prt
To
336.0318511
nex mutielied it by
annual rate C185) ad
e mutiplied ia by
I for the Imunth//yeur
thansaptiun giriny
6216.55
白
I!!
!!

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Sales and notes receivable transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., 28,000. The cost of merchandise sold was 16,800. Mar. 18. Accepted a 60-day, 6% note for 28,000 from Black Tie Co. on account. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account to Pioneer Co. for 17,700. The cost of merchandise sold was 10,600. 21. Loaned 18,000 cash to JR Stutts, receiving a 30-day, 8% note. 25. Received from Pioneer Co. the amount due on the invoice of June 15, less 1% discount. July 21. Received the interest due from JR Stutts and a new 60-day, 9% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.) Sept.19. Received from JR Stutts the amount due on her note of July 21. 22. Sold merchandise on account to Wycoff Co., 20,000. The cost of merchandise sold was 12,000. Oct. 14. Accepted a 30-day, 6% note for 20,000 from Wycoff Co. on account. Nov. 13. Wycoff Co. dishonored the note dated October 14. Dec. 28. Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 45 days at 8% computed on the maturity value of the note. Instructions Journalize the entries to record the transactions.
Sales and notes receivable transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., 28,000. The cost of merchandise sold was 16,800. Mar. 18. Accepted a 60-day, 6% note for 28,000 from Black Tie Co. on account. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account to Pioneer Co. for 17,700. The cost of merchandise sold was 10,600. 21. Loaned 18,000 cash to JR Stutts, receiving a 30-day, 8% note. 25. Received from Pioneer Co. the amount due on the invoice of June 15. July 21. Received the interest due from JR Stutts and a new 60-day, 9% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.) Sept. 19. Received from JR Stutts the amount due on her note of July 21. 22. Sold merchandise on account to Wycoff Co., 20,000. The cost of merchandise sold was 12,000. Oct. 14. Accepted a 30-day, 6% note for 20,000 from Wycoff Co. on account. Nov. 13. Wycoff Co. dishonored the note dated October 14. Dec. 28. Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 45 days at 8% computed on the maturity value of the note. Instructions Journalize the entries to record the transactions.
Sales and notes receivable transactions The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned 18,000 cash to Trina Gelhaus, receiving a 90-day, 8 % note. Feb. 10. Sold merchandise on account to Bradford Co., 24, 000. The cost of the merchandise sold was 14,400. 13. Sold merchandise on account to Dry Creek Co., 60,000. The cost of merchandise sold was 54,000. Mar. 12. Accepted a 60-day, 7% note for 24,000 from Bradford Co. on account. 14. Accepted a 60-day, 9% note for 60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11. Received from Bradford Co. the amount due on the note of March 12. 13. Dry Creek Co. dishonored its note dated March 14. July 12. Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note. Aug. 1. Received from Trina Gelhaus the amount due on her note of April 3. Oct. 5.Sold merchandise on account to Halloran Co. 13,500. The cost of the merchandise sold was 8, 100. 15 Received from Halloran Co. the amount of the invoice of October 5, less 2 % discount. Instructions Journalize the entries to record the transactions.
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