You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account. STATEMENT OF ACCOUNT Billing cycle: June 1-30 June 1 Previous month's balance Kim's Paints June 6 June 12 June 15 June 20 Lamont's Bikes O $288.00 O $293.20 O $296.63 Ⓒ$334.32 Payment Biggie Supermarket (credit) $264.74 54.95 112.00 45.47 130,98

You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account. STATEMENT OF ACCOUNT Billing cycle: June 1-30 June 1 Previous month's balance Kim's Paints June 6 June 12 June 15 June 20 Lamont's Bikes O $288.00 O $293.20 O $296.63 Ⓒ$334.32 Payment Biggie Supermarket (credit) $264.74 54.95 112.00 45.47 130,98

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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