Question 10 of 10 Lanny's credit card has an APR of 33%, calculated on the previous monthly
balance. His credit card record for the last 7 months is shown in the table
below.
End of Previous New Payment Finance
Principal New
month
balance charges
received charges
paid
balance
$0.00
$0.00 $0.00 $0.00 $47.00
$47.00 $182.00
$44.22 $1.29 $42.93 $186.07
5186.07
$34.00 $225 19 $5.12
$220.07 $0.00
4
$0.00
$98.00
$69.43 $0.00 $69.43 $28.57
5
$28.57 $101.00 $22.98
$0.79
$22.19 $107 38
6 $107.38
$57.00 $2.95
$54.05
$74.33
7 $74.33 $99.00 $91.98 $2.04 $89.94 ?
$47.00
$21.00
What is the new balance at the end of month 7?
A. $83.39
B. $91.98
C. $74.43
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Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)