Beginning Balances for Quentin's Four Credit Cards Card A Card B Card C Card D Balance $4,134.00 $2,865.00 $932.00 $1,269.00 APR (interest rate) 15% 21% 11% 13% Minimum Payment calculation 2% of balance 4% of balance 4% of balance 3% of balance (must be at least $15) Minimum Payment this month $82.68 $114.60 $37.28 $38.07 Months required to payoff Amount of Interest Paid (if only minimum payments are made)

Beginning Balances for Quentin's Four Credit Cards Card A Card B Card C Card D Balance $4,134.00 $2,865.00 $932.00 $1,269.00 APR (interest rate) 15% 21% 11% 13% Minimum Payment calculation 2% of balance 4% of balance 4% of balance 3% of balance (must be at least $15) Minimum Payment this month $82.68 $114.60 $37.28 $38.07 Months required to payoff Amount of Interest Paid (if only minimum payments are made)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 8SEB: JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following...

See similar textbooks

Similar questions

Auto 48 months hnttps//www.consumerscu.org/ Use the calculator at https:l/www.bankrate.com/calculators/auto/auto-loan-calculator aspx to calculate the monthly payment and the total interest someone will pay for the following scenarios: Suntrust Bank Monthly Payment (4.34% interest) Alliant Credit Union Monthly Payment (2.74% interest) Total interest Total interest paid paid $29,000 automobile with 10% deposit Monthly Payment (2.74% interest) Total interest Monthly Payment (4.34% interest) Total interest paid paid $29,000 automobile with $12,000 deposit
QUESTION 12 A credit card statement shows the following activity Compute the finance charge if 1.5% is charged on the average daily balance. 6/10/2014 Billing Date $157.35 6/20/2014 Payment 6/25/2014 Purchase $ (45.00) $ 52.20 7/2/2014 On-line Purchase $69.00
JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: Sept. 15 Borrowed 7,000 cash from the bank, giving a 60-day non- interest- bearing note. The note is discounted 8 % by the bank. Nov. 14 Paid the 7,000 note, recognizing the discount as interest expense.
Homework: Section 8.8 Assignment The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Question 7, 8.8.1 Part 3 of 4 Help me solve this Transaction Description Previous balance, $6240.00 March 1 Billing date March 5 Payment $400.00 credit $50.00 March 7 Charge: Restaurant March 12 Charge: Groceries $100.00 March 21 Charge: Car Repairs $280.00 March 31 End of billing period Payment Due Date: April 9 a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ 6095.81. (Round to the nearest cent as needed.) View an example Transaction Amount b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 1 is $152.40. (Use the answer from part a to find this answer.…
Question Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal On what date does this note mature? On what date does this note mature? Complete this question by entering your answers in the tabs below. Required 2A Prepare the entry to record issuance of the note. Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit May 15…
Outstanding Deposits Date Check Number Date Amount Junouy s 150.190 2000l 287.50 13.50 15 .15 Total to 2.75 $314.50 2 A coshier had credit card sales of8752.40 over the last week, and issued refunds in the amoun If the fee per transaction in 2.5%, how much is owed, what are the net credit sales?
Knowledge Check 01 On January 1 Brooks Incorporated borrows $90,000 from a bank and signs a 5% installment note requiring four annual payments of $25,381. 4 Complete the necessary journal entry to record the first installment payment on December 31 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Calculating Interest on Promissory Notes Receivable Dallas Company receives a six-month note from a customer. The note has a face amount of $8,000 and an interest rate of nine percent. What is the total amount of interest income to be received? O$720 $540 $360 $180
TABLE 14.2 Loan amortization table (monthly payment per $1.000 to pay principal and interest on installment loan) Terms in months 7.50% 8% 8.50% 9% 10.00% 10.50% 11.00% I1.50% 12.00% 6. $170.34 $170.58 $170.83 $171.20 $171.56 $171.81 $172.05 $172.30 $172.55 12 86.76 86.99 87.22 87.46 87.92 88.15 88.38 88.62 88.85 18 58.92 59.15 59.37 59.60 60.06 60.29 60.52 60.75 60.98 24 45.00 45.23 45.46 45.69 46.14 46.38 46.61 46.84 47.07 30 36.66 36.89 37.12 37.35 37.81 38.04 38.28 38.51 38.75 36 31.11 31.34 31.57 31.80 32.27 32.50 32.74 32.98 33.21 42 27.15 27.38 27.62 27.85 28.32 28.55 28.79 29.03 29.28 48 24.18 24.42 24.65 24.77 25.36 25.60 25.85 26.09 26.33 54 21.88 22.12 22.36 22.59 23.07 23.32 23.56 23.81 24.06 60 20.04 20.28 20.52 20.76 21.25 21.49 21.74 21.99 22.24 TABLE 14.2 (concluded) Terms in months 12.50% 13.00% 13.50% 14.00% 15.00% 15.50% 16.00% 6. $172.80 $173.04 $173.29 $173.54 S173.79 $174.03 $174.28 $174.53 12 89.08 89.32 89.55 89.79 90.02 90.26 90.49 90.73 18 61.21 61.45 61.68…
9/16 Billing date 9/19 Payment 9/30 Charge: Home Depot 10/3 Payment 10/7 Cash advance 30-day billing cycle. Previous balance Finance charge is 1.5% on average daily balance. Average daily balance Finance charge $ $ 2,741.00 41.12 $72 credit 2,100 72 credit 82 $ 3,200
PROBLEM IV Journalize the following transaction: Mar. 1 Received a 60-day, note for $24, 000 dated today from Toy Co. on account Apr. 30 Received amount due on note above. Apr. 30 Received a 90-day , 10% note for $4,800, dated April 30, from Bear Co. on account. May 10 Discounted the note dated April 30 at Third National Bank at a discount rate of 10%.
K The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6220.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries $350.00 credit $60.00 $90.00 March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 Transaction Amount ... a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.) c. Find the balance due on April 1. The balance due on April 1 is $ (Use the answer from part b to find this answer.) b. Find the interest to be paid or April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 1 is $ (Use the answer from part a to find this…