Provided below is Candice’s financial account for 2020. Using the skills you have learned in the Financial Literacy unit, interpret the account and provide the correct responses to the following questions:
DATE
DUE DATE
REFERENCE
DESCRIPTION
DEBIT
CREDIT
2020-01-01
OPENING BALANCE
0.00
2020-01-14
1138171
CR-ABSA PAYMENTS BLFN
7480.00
2020-01-29
2020-03-31
DR-REGISTRATION FEE
1160.00
2020-01-29
2020-03-31
PSHA6804
DR-TUT FEE YEAR MODULE BFN
2322.50
2020-01-29
2020-08-31
PSHA6804
DR-TUT FEE YEAR MODULE BFN
2322.50
2020-01-29
2020-03-31
PSHM6804
DR-TUT FEE YEAR MODULE BFN
2322.50
2020-01-29
2020-08-31
PSHM6804
DR-TUT FEE YEAR MODULE BFN
2322.50
2020-01-29
2020-03-31
PSHD6814
DR-TUT FEE 1ST SEMESTER BFN
4645.00
2020-01-29
2020-03-31
PSHR6808
DR-TUT FEE YEAR MODULE BFN
4645.00
2020-01-29
2020-08-31
PSHR6808
DR-TUT FEE YEAR MODULE BFN
4645.00
2020-01-29
2020-08-31
PSHP6824
DR-TUT FEE 2ND SEMESTER BFN
4645.00
2020-05-15
2020-06-07
Late Fee 2020-05-08
DR-INTEREST BFN
53.48
2020-05-21
1161405
CR-ABSA PAYMENTS BLFN
6578.38
2020-07-17
2020-08-07
Late Fee 2020-07-08
DR-INTEREST BFN
0.41
2020-08-17
2020-09-07
Late Fee 2020-08-08
DR-INTEREST BFN
0.40
2020-09-15
2020-10-08
Late Fee 2020-09-08
DR-INTEREST BFN
0.40
2020-10-15
2020-11-07
Late Fee 2020-10-08
DR-INTEREST BFN
104.92
2020-11-17
2020-12-08
Late Fee 2020-11-08
DR-INTEREST BFN
104.92
2020-12-08
2021-01-07
Late Fee 2020-12-08
DR-INTEREST BFN
105.71
2020-12-18
1182123
CR-ABSA PAYMENTS BLFN
14199.53
6.1 What is Candice’s balance on 21 MAY 2020? Show your calculations AND indicate whether it is a debit or credit balance.
To calculate Candice's balance on 21 May 2020, we need to add up all the debits and subtract all the credits before this date.
Debits before 21 May 2020:
- Opening balance: $0.00
- Registration fee: $1,160.00
- Tut fee year module BFN (PSHA6804) for 2020: $2,322.50
- Tut fee year module BFN (PSHM6804) for 2020: $2,322.50
- Tut fee 1st semester BFN (PSHD6814): $4,645.00
- Tut fee year module BFN (PSHR6808) for 2020: $4,645.00
- Tut fee 2nd semester BFN (PSHP6824): $4,645.00
- Late Fee 2020-05-08: $53.48
- Late Fee 2020-07-08: $0.41
- Late Fee 2020-08-08: $0.40
- Late Fee 2020-09-08: $0.40
- Late Fee 2020-10-08: $104.92
- Late Fee 2020-11-08: $104.92
- Late Fee 2020-12-08: $105.71
Total debits before 21 May 2020: $21,511.94
Credits before 21 May 2020:
- ABSA payments (CR-ABSA PAYMENTS BLFN) on 14 January 2020: $7,480.00
Total credits before 21 May 2020: $7,480.00
To calculate the balance on 21 May 2020, we subtract the total credits from the total debits:
Balance on 21 May 2020 = Total debits - Total credits
Balance on 21 May 2020 = $21,511.94 - $7,480.00
Balance on 21 May 2020 = $14,031.94
The balance on 21 May 2020 is $14,031.94 and it is a debit balance.