Not having a credit may result in having a hard time finding an apartment. False True 199 What's the highest factor in the General FICO Model. Length of Credit History New Credit Amounts Owed Payment History
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- If the amount Katie owes is close to her credit limit, it will negatively affect her credit score. 9 True False Previous Page 2 W # 3 e Next Page C $ A + 4 r % 5 rt acer Oll 6 y & 7 O C * 8 00 a i 9 O 0 Page 13 of 14 4 P 55.So-called "payday loans" are targeted primarily at "poor people" True False QUESTION 43 Term insurance can be used as collateral for secured lines of credit True False6:28 Discussion Topic Consumers are often faced with making large purchases to satisfy life's basic needs. If your refrigerator breaks and you don't have much disposable income, you might turn to credit. Describe who benefits from a credit agreement and how. Why are businesses and institutions willing to offer you credit? Explain. Suppose a creditor offers you an agreement where the interest accrues as follows: I= Prt, where I is interest owed ($), P is the amount borrowed, r is the yearly interest rate (96), and t is time (years). What is the mathematical relationship between 1 and r? Between I and t? If you're the borrower, why are these relationships important to you?
- The contra revenue account that represents the reduction in the amount paid by a credit customer if payment is made within a specified period of time is known as which of the following: O Contra revenue account O Sales allowance account O Sales discount account O Allowance for uncollectible accounts ASUS f3 f4 f5 f6 f7 f8 f9 f10 f11 区 ロ/京 %24 & 3 4. 7. 8 9. 01 Y U G H. J K 16 5 图Item 25 of 25 Which of the following is not a way of accelerating collection of accounts receivable? Select the correct response: shorten credit terms age accounts receivable minimize negative floats offer special discounts to those who pay promptlyRESET 21. Open account credit is a credit facility offered by retailers or financial institutions which allow the customers to borrow up a pre-determined amount to pay for purchases. Which of the following is/are categorized as open account credit? . Credit card ii. Personal loan ii. Car loan iv. Overdraft |||| Cancel Done 中。
- PA8. LO 8.6Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Transaction No Journal Entry Needed Journal Entry Needed Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges4.___________ allows the bank clients to borrow money against a line of credit with a credit limit. a. Credit card b. Debit card c. Line of credit d. None of the options0.69 8:34 KB/S 2:44 5G Vo 1 LTE 2 +91 98156 34462 Yesterday, 9:12 pmek 2.docx ACC1310 Lab 1-Week 2 Accounts Receivable Bad Debts • Recording Bad Debt - Percentage of sales Aging of receivables • Write off Bad Debt • Recovery of Bad Debt QS 8-1 Entries for sale on credit and subsequent collection LO1 Journalize the following transactions for Kimmel Company (assume a perpetual inventory system): a. On March 1, Kimmel Company sold $40,000 of merchandise costing $32,000 on credit terms of n/30 to JP Holdings. b. On March 27, JP Holdings paid its account in full. QS 8-5Adjusting entry to estimate bad debts- percentage of sales LO2,3 Lexton Company uses the allowance method to account uncollectible accounts receivable. At year-end, October 31, it was estimated that 0.6% of net credit sales were uncollectible based on past experience. Net sales were $690,000, of which 2/3 were on credit. Record the entry at year-end to estimate uncollectible receivables. QS 8-6Adjusting entry to estimate bad…
- 4:51 ull 4G O Not Secure - moodle.asu.edu.om 50 11 Question 1 Answer saved Marked out of 2.00 P Flag question What will happen when the company write off the uncollectable receivable? Select one: a. The Bad Debt expenses increase b. The account receivable decrease c. The allowance of doubtful account increase d. The account receivable increase Clear my choice Next page ( Recievable Practice Problems Answers lumn toMastery Problem Analyzing transactions into debit and credit parts LO4, 5The T accounts for Gardens Plus are in your Working Papers.Instructions:1. Using only one set of T accounts, analyze each transaction into its debit andcredit parts. Write the debit and credit amounts in the proper T accounts toshow how each transaction changes account balances. Write the date of thetransactions before each amount. Selected transactions for Gardens Plus forApril are given as an example of how to use only one set of T accounts.Chapter 2, Problem 1MP, Mastery Problem Analyzing transactions into debit andcredit parts LO4, 5 The T accounts for GardensMay1. Received cash from owner as an investment, $3,700.00.2. Paid cash for rent, $600.00.4. Paid cash for supplies, $400.00.4. Received cash from sales, $950.00.5. Paid cash for insurance, $375.00.8. Sold services on account to Lee Chen, $800.00.9. Bought supplies on account from Sullivan Supplies, $300.00.10. Paid cash for repairs, $85.00.11. Received…TP6. LO 9.6 When a customer is delinquent on paying a notes receivable, your company has the option to continue to attempt collection or sell the debt to a collection agency. Research the benefits and challenges with each of these options and in a short essay, answer the following questions. What are the benefits and challenges of continuing to attempt collection yourself? What are the benefits and challenges of selling debt to a collection agency? If you had a dishonored notes receivable, which option would you select and why? Would you weight certain benefits or challenges differently when making your selection? How?
