Alexa Campbell - Impact of Credit Score on Loans

Your company has loaned money to an outside entity. You earned the monthly interest on the loan but have not received the payment yet.   The payment is expected to be received next month.  To capture the interest expected to be received in the future, you have created account #901, Interest Receivable, in your chart of accounts and booked the journal entry to DR:  Interest Receivable and CR:  Interest Income.   While the basic journal entry was correct, your manager is questioning how you set up this new account.  What needs to be corrected in the chart of accounts shown below, and how would you fix it? Teacher Feedback: Review the detail type and the account number.

Your company has loaned money to an outside entity. You earned the monthly interest on the loan but have not received the payment yet.   The payment is expected to be received next month.  To capture the interest expected to be received in the future, you have created account #901, Interest Receivable, in your chart of accounts and booked the journal entry to DR:  Interest Receivable and CR:  Interest Income.   While the basic journal entry was correct, your manager is questioning how you set up this new account.  What needs to be corrected in the chart of accounts shown below, and how would you fix it?

If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? Note: Round your answer to the nearest cent. 31-day billing cycle 10/1 10/3 Previous balance Credit $ 1,164 10/12 Charge: King Soopers $ 79 $ 148 Credit 10/15 Payment $ 310 Credit 10/25 Charge: Delta $ 321 10/30 Charge: Holiday Fun $ 61 Answer is complete but not entirely correct. Amount owed $ 1,097.56×

If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.)   31-day billing cycle 10/1 Previous balance       $ 1,173 10/3 Credit $ 70 cr.   10/12 Charge: King Soopers $ 157     10/15 Payment $ 400 cr.   10/25 Charge: Delta $ 330     10/30 Charge: Holiday Fun $ 70

If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle $ 1,173 $ 70 cr. 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers $ 157 $ 400 cr. $ 330 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun $ 70

Your company has loaned money to an outside entity. You earned the monthly interest on the loan but did not receive the payment yet. The payment is expected to be received next month. To capture the interest expected to be received in the future you have created account #901 , Interest Receivable in your chart of accounts and booked the journal entry to DR: Interest Receivable and CR: Interest Income. While the basic journal entry was correct, your manager is questioning how you setup this new account. Based on this image of the chart of accounts below what needs to be corrected and how would you correct this?

Directions: For each scenario, use the items in the tables to indicate whether the item will improve or decrease the individuals credit score. Then answer the question that follows. George just turned 21 and has applied for a few credit cards.  Here are some details about his profileItem    Improve or decrease credit scoreHe currently has 2 credit cards    He got his first credit card 8 months ago    He has no student loans    He has applied for 4 credit cards in the last year (and had 2 applications accepted)    He opened his last credit card 4 months ago    All of his credit cards currently have a balance, as he has trouble paying off his card each month    He has $5,000 currently outstanding on all his credit cards    He missed a payment in the last three months when he forgot to notify the card company that he had recently moved out of his apartment. He was 30 days behind on making a payment.    He has no cards currently past due    His credit card balances of $5,000 are about 55%…

Your friend is trying to establish good credit. Your friend is thinking about taking out a $15,000 auto loan to establish some credit on his credit report. Do you think this is a good idea for your friend to do this? Do you have an alternate suggestion? Why?

If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 12% APR and the following transactions? Note: Round your answer to the nearest cent. 10/1 10/3 10/12 10/15 10/25 10/30 Amount owed 31-day billing cycle Previous balance Credit Charge: King Soopers Payment Charge: Delta Charge: Holiday Fun $ 77 $ 150 $ 330 $ 323 $ 63 Credit Credit $ 1,166

Lizzie Gunderson is trying to establish a credit history and applied for a Visa credit card.  She paid the previous month's statement balance in full.  The card carries a finance charge rate of 16%.  What is the amount of finance charge if Lizzie pays off the current $168.20 monthly statement balance in full?

If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 12% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun $1,177 $ 66 cr. 161 440 cr. 334 74 Amount owed 1 of 15 E Next > Mc Graw Hill Prev ... DO bo 1O 244 16 17 20 14 17 F3 F2 & 23 %24 7 8. 6. 2 Y Q W K G H F N. V C comma MOSISO V S4

1.       If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Lizzie is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.)   31-day billing cycle     10/1   Previous balance   $ 1,170      10/3   Credit    $ 73 cr.       10/12   Charge: King Soopers 154            10/15   Payment   370 cr.       10/25   Charge: Delta   327            10/30   Charge: Holiday Fun 67

If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance $1,156 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Deltal 10/30 Charge: Holiday Fun $ 87 cr. 140 230 cr. 313 53 Amount owed

If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun Amount owed $84 cr. $143 $260 cr. $316 $56 Check my $ 1,159

You have two credit cards with the following balances: Card A Credit limit: $20,000 Current Balance: $2,000 Card B Credit limit $25,000 Current Balance $ 14,000 Assuming that both cards have been held by you for the same amount of time and you make regular payments on time. Which card is harming your credit more than the other one? Show your work and explain.

John rey combong is considering a loan to finance her college education. He currently owes money on several charge accounts and credit cards. What actions would you recommend?

Camila Martinez has several credit cards, on which she is carrying a total current balance of $6,500. She is considering transferring this balance to a new card issued by a local bank. The bank advertises that, for a 4 percent fee, she can transfer her balance to a card that charges a 0 percent interest rate on transferred balances for the first 6 months. Calculate the fee that Camila would pay to transfer the balance. $   Describe the benefits and drawbacks of balance transfer cards.

I need help with this chart please

Alpesh

What if she had made the purchase with her credit card and paid off her bill in full promptly? Assume the credit card has a grace period.?

You currently have a credit card with a balance of $450. If you have a credit limit of $2,000, what is your credit utilization rate?Round to the nearest percent.

Cynthia Roberts has a credit card account at Harry's Hardware, which uses the unpaid-balance method of computing finance charges. The periodic rate is 1.5 percent. Ms. Roberts's previous balance is $178.85, and she had payments and credits of $74.00. If she has new purchases of $98.74, what is her new balance? O $305.39 O $206.64 O $205.16 O $156.42