Homework Help is Here – Start Your Trial Now!
Business
Finance
FIND THE ERRORS AND PUT THE ADJUSTMENTS IN THE TEXT RESPONSE OF THIS ASSIGNMENT EXAMPLE: THE AVAILABLE CREDIT SAYS: ____________________ THE ACTUAL AMOUNT OF AVAILABLE CREDIT IS:___

FIND THE ERRORS AND PUT THE ADJUSTMENTS IN THE TEXT RESPONSE OF THIS ASSIGNMENT EXAMPLE: THE AVAILABLE CREDIT SAYS: ____________________ THE ACTUAL AMOUNT OF AVAILABLE CREDIT IS:___

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
See similar textbooks
icon
Related questions
Question
100%
    • FIND THE ERRORS AND PUT THE ADJUSTMENTS IN THE TEXT RESPONSE OF THIS ASSIGNMENT
  • EXAMPLE:
    • THE AVAILABLE CREDIT SAYS: ____________________
    • THE ACTUAL AMOUNT OF AVAILABLE CREDIT IS:_____________________
# Educational Example: Understanding a Credit Card Statement Claire recorded the following credit card transactions. Review the credit card statement to see if it matches Claire's records. Note discrepancies and consider what a correct statement should look like. The initial balance is $1,000.00. ## Payments and Purchases **Payments:** - **March 2:** Payment of $1,000.00 **Purchases:** - **March 5:** Riley's Candies - $165.63 - **March 8:** Mackenzie's Jewelry - $138.63 - **March 9:** Brianna's Gas and Electric - $21.81 - **March 12:** Jordan's Clothing Store - $150.28 - **March 16:** Noah's Candies - $16.23 - **March 19:** Elijah's Travel Agency - $6.63 - **March 23:** Emma's Candies - $3.72 - **March 25:** Chloe's Restaurant - $22.53 - **March 26:** Mackenzie's Toys and Gifts - $6.52 ## Statement Overview **Name:** Claire **Account Number:** 1270 9836 1675 8895 **Credit Line:** $1,000.00 **Available Credit:** $1,433.67 **Previous Balance:** $1,000.00 **Purchases Total:** $530.18 ## Credit Card Statement Details - **Statement Date:** April 28 - **Payment Due Date:** May 10 - **New Balance:** $530.18 - **Minimum Payment Due:** $50.00 **Transaction Summary:** | Transaction Number | Date | Description | Amount | |--------------------|-------|-------------------------------|---------| | | Mar 2 | Payment | 1,000.00| | 56 | Mar 5 | Riley's Candies | 165.63 | | 57 | Mar 8 | Mackenzie's Jewelry | 138.63 | | 58 | Mar 9 | Brianna's Gas and Electric | 21.81 | | 59 | Mar 12| Jordan's Clothing Store | 150.28 | | 60 | Mar 16| Noah's Candies | 16.23 |
Transcribed Image Text:# Educational Example: Understanding a Credit Card Statement Claire recorded the following credit card transactions. Review the credit card statement to see if it matches Claire's records. Note discrepancies and consider what a correct statement should look like. The initial balance is $1,000.00. ## Payments and Purchases **Payments:** - **March 2:** Payment of $1,000.00 **Purchases:** - **March 5:** Riley's Candies - $165.63 - **March 8:** Mackenzie's Jewelry - $138.63 - **March 9:** Brianna's Gas and Electric - $21.81 - **March 12:** Jordan's Clothing Store - $150.28 - **March 16:** Noah's Candies - $16.23 - **March 19:** Elijah's Travel Agency - $6.63 - **March 23:** Emma's Candies - $3.72 - **March 25:** Chloe's Restaurant - $22.53 - **March 26:** Mackenzie's Toys and Gifts - $6.52 ## Statement Overview **Name:** Claire **Account Number:** 1270 9836 1675 8895 **Credit Line:** $1,000.00 **Available Credit:** $1,433.67 **Previous Balance:** $1,000.00 **Purchases Total:** $530.18 ## Credit Card Statement Details - **Statement Date:** April 28 - **Payment Due Date:** May 10 - **New Balance:** $530.18 - **Minimum Payment Due:** $50.00 **Transaction Summary:** | Transaction Number | Date | Description | Amount | |--------------------|-------|-------------------------------|---------| | | Mar 2 | Payment | 1,000.00| | 56 | Mar 5 | Riley's Candies | 165.63 | | 57 | Mar 8 | Mackenzie's Jewelry | 138.63 | | 58 | Mar 9 | Brianna's Gas and Electric | 21.81 | | 59 | Mar 12| Jordan's Clothing Store | 150.28 | | 60 | Mar 16| Noah's Candies | 16.23 |
Expert Solution
Step 1
Date Purchase Credit Card Statement Claire's recorded Transactions
Mar-05 Riley's Candies 165.83 165.83
Mar-08 Mackenzie's Jewelery 138.63 138.63
Mar-09 Brianna's Gas  and Electric 21.81 21.81
Mar-12 Jordan's Clothing Store 150.28 150.28
Mar-16 Noan's Candies 16.23 16.23
Mar-19 Eljah's Travel Agency 6.63 6.63
Mar-23 Emma's Candies 3.72 37.66
Mar-25 Chloe's Restaurant 22.53 22.53
Mar-26 Mackenzie's Toys and Gifts 6.52 6.73
  Total 532.18 566.33
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS