3. A portion of your account statement for March from Charge-All Credit Company is shown. The...
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3. A portion of your account statement for March from Charge-All Credit Company is shown. The finance charge is calculated using the average-daily-balance method where new purchases are included. Find the average daily balance, the finance charge, and the new balance. TRANSACTION REFERENCE POSTING DATE DESCRIPTION Purchases & PAYMENTS DATE ADVANCES & CREDITS 001781 3/12 Payment Corner Drug Co. $45.00 007619 3/21 3/17 $31.75 Billing Period Previous Balance Periodic Rate Average Daily Finance Balance Charge 3/05-4/04 $161.43 2% PAYMENTS & PURCHASES & MINIMUM CREDITS ADVANCES NEW BALANCE PAYMENT DUE PAYMENT $45.00 $31.75 $20.00 3/24 Billing Periods Payments/Purchases End-of-day- Number of balance Sum of Balances 3/5-4/4 31.75 T61.43 Days 35 50 50. 05 TOTALS ADB-101.43 Finance Charge 2.26 please complete and find the average daily balance, the finance charge, and the new balance 3. A portion of your account statement for March from Charge-All Credit Company is shown. The finance charge is calculated using the average-daily-balance method where new purchases are included. Find the average daily balance, the finance charge, and the new balance. TRANSACTION REFERENCE POSTING DATE DESCRIPTION Purchases & PAYMENTS DATE ADVANCES & CREDITS 001781 3/12 Payment Corner Drug Co. $45.00 007619 3/21 3/17 $31.75 Billing Period Previous Balance Periodic Rate Average Daily Finance Balance Charge 3/05-4/04 $161.43 2% PAYMENTS & PURCHASES & MINIMUM CREDITS ADVANCES NEW BALANCE PAYMENT DUE PAYMENT $45.00 $31.75 $20.00 3/24 Billing Periods Payments/Purchases End-of-day- Number of balance Sum of Balances 3/5-4/4 31.75 T61.43 Days 35 50 50. 05 TOTALS ADB-101.43 Finance Charge 2.26 please complete and find the average daily balance, the finance charge, and the new balance
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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