Town Laundry Ltd. purchased $5,500 worth of laundry supplies…

Town Laundry Ltd. purchased $5,500 worth of laundry supplies on June 2 and recorded the purchase as an asset in the Supplies account. On June 30, a count of the laundry supplies indicated only $3,000 on hand. The adjusting entry that should be made by the company on June 30 is

In June, Jake and Jill sign up for a American Express credit…

In June, Jake and Jill sign up for a American Express credit card which has the following terms: Interest rate = 19% (compounded daily) Statement Cycle = June 15th – July 14th Grace Period = 22 days (bill due on 5th of the following month) Minimum payment = Greater of $25 or 2% statement balance Late fee = $35 On July 3, Jake and Jill make their only purchase with the card (new furniture for $1,200). They are struggling to understand how credit cards work. Help them answer the following three questions.   If Jake and Jill forget to make a payment by their due date (Aug. 5), what will be their credit card balance on August 6?

Chris and Shauna are kind of quirky with numbers. They love…

Chris and Shauna are kind of quirky with numbers. They love all forms of the number seven. They want to buy a 1977 vintage Corvette for $77,777.77. If they pay 7.7% down and finance the rest over 77 months at 7.7% annual interest, what would be their monthly payment (at the end of each month)?