On the December 8 Billing Date, Hakeem Had a Balance $\$ 151.02$

question 50

Multiple Choice

On the December 8 billing date, Hakeem had a balance due of $532.70 on his credit card. The transactions during the following month were: December 10 Charge : football tickets $\$ 151.02$
December 12 Payment $\$ 107.36$
January $3 \quad$ Charge: restaurant meal $\$ 51.36$ The interest rate on the card is 1.4% per month. Using the average daily balance method, find the
Balance due on January 8 (December has 31 days) .

• A)$635.96
• B)$635.68
• C)$540.94
• D)$635.55

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Definitions:

Service Provider

An entity that provides services to other entities, typically in exchange for payment.

Work in Process

Inventory items that are in the process of being produced but are not yet completed, often referred to as WIP.

Stock Ledger

A record that keeps track of the stock transactions of a company, including shares bought, sold, issued, and returned.

Materials Ledger

A detailed record that tracks the quantity and cost of materials on hand.