Here is Miguel's credit card statement for the month of November. Transaction Date Transaction amount November 1 Beginning balance $1550.20 November 16 Purchase $200.50 November 23 Payment $472.00 November 25 Purchase $540.53 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Unpaid Number balance of days Transaction Unpaid Aa Date Transaction Number of days at that balance amount balance Beginning 15 days (from November 1 through November 1 $1550.20 $1550.20 $23,253.00 balance November 15) O days (from November 16 November 16 Purchase $200.50 $1750.70 through November 22) 2 days (from November 23 through November 24) November 23 Payment $472.00 6 days (from November 25 through November 25 Purchase $540.53 November 30) Total: 30 days Total: $I ? (b) Find the average daily balance. Write your answer to the nearest cent. (c) Suppose the credit card company charges an interest rate of 1.3% on the average daily balance for November found in part (b). How much interest will be charged? Wri your answer to the nearest cent. (d) What will Miguel's beginning balance be for the month of December (including the interest for November found in part (c))? ?
Here is Miguel's credit card statement for the month of November. Transaction Date Transaction amount November 1 Beginning balance $1550.20 November 16 Purchase $200.50 November 23 Payment $472.00 November 25 Purchase $540.53 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Unpaid Number balance of days Transaction Unpaid Aa Date Transaction Number of days at that balance amount balance Beginning 15 days (from November 1 through November 1 $1550.20 $1550.20 $23,253.00 balance November 15) O days (from November 16 November 16 Purchase $200.50 $1750.70 through November 22) 2 days (from November 23 through November 24) November 23 Payment $472.00 6 days (from November 25 through November 25 Purchase $540.53 November 30) Total: 30 days Total: $I ? (b) Find the average daily balance. Write your answer to the nearest cent. (c) Suppose the credit card company charges an interest rate of 1.3% on the average daily balance for November found in part (b). How much interest will be charged? Wri your answer to the nearest cent. (d) What will Miguel's beginning balance be for the month of December (including the interest for November found in part (c))? ?
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....
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