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Nick has a revolving department store credit card account with an annual percentage rate of 15 percent Last months balance on the account was 423.78 During the current month he made purchases 123.42?
Wiki User
∙ 14y ago
$6.36
Wiki User
∙ 14y ago
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Nick has a revolving department store credit card account with?
A revolving department store credit card means that the interest accumulates monthly and the balance carries over. Most credit cards that are issued by a department store have this type of account.
Is a line of credit considered a revolving account?
Yes, if the account type is considered a line of credit it will be calculated into your revolving account balance on your credit report.
What is the difference between credit card and revolving credit?
A credit card is a type of revolving credit, whereas a revolving credit account may or may not be a credit card. Revolving credit can also include other types of accounts, such as a revolving line of credit with a bank or a home equity line of credit.
What is the difference between periodic and perpitual inventory system?
Periodic Inventory System Inventory account and cost of goods sold are non-existent until the physical count at the end of the year. Purchases account is used to record purchases. Purchase Return account is used to record Purchases Returns account. Cost of goods sold or cost of sale is computed from the ending inventory figure For goods returned by customers there are no inventory entries. Perpetual Inventory System Account and the balance of costs of goods sold and inventory account exist all the time. No individual purchases account but the purchases are recorded in the Inventory Account. No individual Purchase Returns account but the purchases return are recorded in the Inventory Account. Record cost of goods sold/cost of sale - inventory is reduced when there is a sale. Returns from customers are recorded by reducing the cost of goods sold and adding back into inventory.
What is a flooring account in relation to financing?
A flooring account is a type of short-term financing that is used specifically for equipment purchases. It is often referred to in the IT industry regarding credit lines for computer equipment purchases.
Nick has a revolving department store credit card account with?
A revolving department store credit card means that the interest accumulates monthly and the balance carries over. Most credit cards that are issued by a department store have this type of account.
Is a line of credit considered a revolving account?
Yes, if the account type is considered a line of credit it will be calculated into your revolving account balance on your credit report.
Julio has a revolving credit account at an annual percentage rate of 18 percent His previous monthly balance is 362.11 Find the new balance if Julio's account showed the following activity?
$639.90
What is purchases account?
Purchase account is a record account in which all inventory purchases are noted. This is commonly used with the periodic inventory method.
What journals do you use to record purchases on account purchases for cash and cash payments?
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
What type of account is purchases lost?
Expense account
What does it mean for your account type to read revolving on your credit report?
Credit cards are revolving accounts. Whereas car loans and home loans are not. A revolving account is one where you can carry a balance and charge it back up as you pay it off.
Definition of purchases account?
Ledger account in which all inventory purchases are recorded; used generally with periodic inventory method
Are purchases account is increased by a credit and decreased by a debit?
Purchases account is personal account in nature so debit means increase and credit means decrease.
Why are there two account titles in the amount of the purchases journal?
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.
What are the types of Control Account?
sales control account purchases control account
What interest percentage do you get when opening a Tesco Credit Card account?
Although the percentage varies depending on what card you get, a 16.9 percent interest charge is common when opening a new Tesco Credit Card account. They offer 0% interest on purchases in the first 16 months.
