A credit card bill of $660 was due on July 1. Purchase 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

A credit card bill of $660 was due on July 1. Purchase 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

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...

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Concept explainers

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.

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