A credit card bill for $660 was due on July 1. Purchases of $375 were made on July 7, and $310 was charged on July 22. A payment of $300 was made on July 15. Find the average daily balance (in dollars) for the August 1 bill. Round your answer to the nearest cent.

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: The average daily balance takes into account the invested or due sum at the end of each day of the…

Q: A business issued a 30-day note for $57,000 to a bank. The note was discounted at 7%. Assume a 360…

A: The objective of this question is to understand how to journalize the issuance and payment of a…

Q: The stock price of BAC is currently $120 and a put option with strike price of $120 is $5. A trader…

A: Here,Current price is $120Strike price is $120Premium is $5Strategies:-1. 300 Shares of BAC2. 3…

Q: Calculate the average daily balance and finance charge on the statement below. Note: Round your…

A: The average daily balance is a common accounting method that calculates interest charges by…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Finance charge is the charge which is paid by the borrower for borrowing the money from the…

Q: A business issued a 60-day note for $87,000 to a bank. The note was discounted at 7%. Journalize the…

A: Businesses may issue short-term discount notes in consideration of goods, services, or cash.These…

Q: A business issued a 60-day note for $99,000 to a bank. The note was discounted at 7%. Journalize the…

A: Businesses may issue short-term discount notes in consideration for goods, services, or cash.…

Q: You get a credit card. The bill for $1024 was due on July 1. Purchases of $315 were made on July 7,…

A:

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: The average daily balance is a method used by credit card companies to calculate the amount of…

Q: On August 10, a credit card account had a balance of $365. A purchase of $62 was made on August 15,…

A: In credit cards, we can say that finance charges include interest and transaction fees charged on…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Finance charge refers to the type of cost used to incur through the borrowing of the funds. It…

Q: A credit card bill of $660 was due on July 1. Purchase of $375 were made on July 7, and $310 was…

A: Credit card issuing companies charges monthly interest on any unpaid balance. For computing the…

Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…

A: Solution Given Balance on October 12 5000 Purchase made on October 15 1500 Payment…

Q: Credit Card Statement Transaction Description Previous balance, $2653.02 June 1 Billing date June 6…

A: When a person or a company needs money for the purpose of purchasing something, they can apply for a…

Q: A charge account had a balance of $979 on May 5. A purchase of $222 was made on May 17, and a…

A: From May 5 to May 17, the balance of account is $979 for 12 days.From May 17 to May 20 the balance…

Q: The table below shows a summary of Carlos's credit card statement for the month of July. Transaction…

A: Interest on credit card balance refers to the amount of money a cardholder is charged by the credit…

Q: Use the unpaid balance method to find the finance charge on the credit card account for December.…

A: Given: Interest rate = 17% Beginning balance = $580

Q: The credit card with the transactions described on the right uses the average daily balance method…

A: Average daily balance is the average balance on the whole month sale and purchase and is the basis…

Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: A credit card has an average daily balance of ​$2,833.84 and the monthly periodic rate is 1.337​%.…

A: Finance Charges for the month  = Average Daily balance X Periodic Rate

Q: In John​ Balfour's credit card account interest is charged on the average daily balance. The cycle…

A: The finance charge is the amount charged by using some fixed percentage on the borrowed amount by…

Q: A credit card has an average daily balance of $2,861.56 and the monthly periodic rate is 1.295%.…

A: Average Daily Balance of Credit Card = $2,861.56 Monthly Interest Rate = 1.295%

Q: In John Balfour's credit card account interest is charged on the average daily balance. The cycle…

A: Firstly , calculate the average daily balance : Period  Days Balance amount Total days amount…

Q: A charge account had a balance of $945 on May 5. A purchase of $233 was made on May 17, and a…

A: Finance charges : The finance charge on this account would be calculated on the basis of average…

Q: Use the average daily method to find the finance charge on the credit card account for September…

A: Average daily balance is a method in which balance for each day is calculated. Sum of each day…

Q: On July 7, the billing date, Marvin Zug had a balance due of $265.72 on his credit card. His card…

A: Data given: Transaction Date Transaction detail Amount ($) Jul-07 Balance due 265.72 Jul-15…

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A: Simple interest is the amount of interest received on a deposit based on a flat rate. Formula:…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: The average daily balance is used in accounting to calculate the interest charges, Under this method…

Q: Calculate the average daily balance and finance charge on the statement below. Note: Round your…

A: Credit cards refer to instruments used to raise debt capital for use where the money is used earlier…

Q: The College Store accepts MasterCard for payments of purchases made by students. The credit card…

A: Service charge expense = Amount deposited x MasterCard charges = $10,000 x 1.55% = $155

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: The average daily balance is calculated by

Q: An unpaid credit card bill for $656.95 had a due date of May 8.  Purchases of $365. were made on May…

A: The question is based on the concept of finance charge calculation for credit card based on the…

Q: Suppose that you made three purchases using your credit card during the month of January. The first…

A: Average daily balance represents the balance of the credit card each day on an average depending…

Q: A credit card bill for $559 was due on September 14. Purchases of $283 were made on September 19,…

A: To find the finance charge, we need to first calculate the average daily balance for the billing…

Q: a. Find the average daily balance for the billing period. Round to the nearest cent. 4 The average…

A: Average Daily Balance: It is applied by credit card firms to calculate the amount of interest due…

Q: Prepare the following journal entries.   sales on account are $ 8,200. customer returns $ 1,200.…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: May 13: Paid the invoice of April 14. Date Description Debit Credit May 13                 May…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.