You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account. STATEMENT OF ACCOUNT Billing cycle: June 1-30 June 1 Previous month's balance Kim's Paints June 6 June 12 June 15 June 20 Lamont's Bikes O $288.00 O $293.20 O $296.63 Ⓒ$334.32 Payment Biggie Supermarket (credit) $264.74 54.95 112.00 45.47 130,98

You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account. STATEMENT OF ACCOUNT Billing cycle: June 1-30 June 1 Previous month's balance Kim's Paints June 6 June 12 June 15 June 20 Lamont's Bikes O $288.00 O $293.20 O $296.63 Ⓒ$334.32 Payment Biggie Supermarket (credit) $264.74 54.95 112.00 45.47 130,98

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 3TP: If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on...

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