The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement in thepopup.E Click the ioon to view the credit card statement.- XCredit Card StatementTransaction DescriptionTransaction AmountPrevious balance, $2652.12June 1 Billing datePaymentCharge: GasJune 6$1200.00 credit$35.43$138.26$41.97$126.77$214.27June 8Charge: GroceriesJune 17 Charge: GasCharge: GrooeriesJune 27 Charge: ClothingJune 9a. Find the average daily balance for the billing period. Round to the nearest centThe average daily balance for the billing period is S.(Round to the nearest cent as needed.)June 30 End of billing periodPayment Due Date: July 9b. Find the interest to be paid on July 1, the next billing date. Round to the nearest cent.The interest to be paid on July 1 is $-(Use the answer from part a to find this answer. Round to the nearest cent as needed.)c. Find the balance due on July 1.PrintDoneThe balance due on July 1 is S.(Use the answer from part b to find this answer.)1d. This credit card requires a S30 minimum monthly payment if the balance due at the end of the billing period is less than $400. Otherwise, the minimum monthly payment is 5 of the balance due at the end of the billing period, rounded up tothe nearest whole dollar. What is the minimum monthly payment due by July 97The minimum monthly payment is S.(Use the answer from part c to find this answer. Round up to the nearest dollar.)

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The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement in the popup. E Click the icon to view the credit card statement. - X Credit Card Statement Transaction Description Transaction Amount Previous balance, $2652,12 June 1 Billing date Payment Charge: Gas Charge: Groceries June 17 Charge: Gas Charge: Grooeries Charge: Clothing June 30 End of billing period Payment Due Date: July 9 $1200.00 credit $35.43 $138.26 $41.97 $126.77 $214.27 June 6 June 8 June a. Find the average daily balance for the billing period. Round to the nearest cent. June 27 The average daily balance for the billing period is S. (Round to the nearest cent as noeded.) b. Find the interest to be paid on July 1, the next billing date. Round to the nearest cent. The interest to be paid on July 1 is $- (Use the answer from part a to find this answer. Round to the nearest cent as needed.)

The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement in the popup. E Click the icon to view the credit card statement. - X Credit Card Statement Transaction Description Transaction Amount Previous balance, $2652,12 June 1 Billing date Payment Charge: Gas Charge: Groceries June 17 Charge: Gas Charge: Grooeries Charge: Clothing June 30 End of billing period Payment Due Date: July 9 $1200.00 credit $35.43 $138.26 $41.97 $126.77 $214.27 June 6 June 8 June a. Find the average daily balance for the billing period. Round to the nearest cent. June 27 The average daily balance for the billing period is S. (Round to the nearest cent as noeded.) b. Find the interest to be paid on July 1, the next billing date. Round to the nearest cent. The interest to be paid on July 1 is $- (Use the answer from part a to find this answer. Round to the nearest cent as needed.)

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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