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. - 4 marks
Delete this text and write your answer here.
6.2 Why did the university charge Candice interest? – 1 mark
Delete this text and write your answer here.
6.3 Name ONE way that Candice can save money while studying. – 1 mark
Delete this text and write your answer here.
6.1 Candice's balance on 21 MAY 2020 is calculated by adding all the credits and subtracting all the debits up to that date:
Opening balance: 0.00
Credit on 14 JAN 2020: 7480.00
Debits up to 21 MAY 2020: 1160.00 + 2322.50 + 2322.50 + 2322.50 + 2322.50 + 4645.00 + 4645.00 + 4645.00 + 4645.00 + 53.48 = 27929.48
Credit on 21 MAY 2020: 6578.38
Balance on 21 MAY 2020 = Opening balance + Credit on 14 JAN 2020 + Credit on 21 MAY 2020 - Debits up to 21 MAY 2020
= 0.00 + 7480.00 + 6578.38 - 27929.48
= -885.10
Therefore, Candice's balance on 21 MAY 2020 is a debit balance of -885.10.
6.2 The university charged Candice interest as late fees because she made late payments for certain fees. This indicates that she failed to pay the required fees within the specified due dates.
6.3 One way Candice can save money while studying is by applying for scholarships or financial aid programs. These programs can provide financial assistance to cover tuition fees and other educational expenses, reducing the overall financial burden on Candice.