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1 year ago

What‘s the main reason our culture has normalized credit cards over the past 60 years?.

1 answer:

7 0

We have slowly increased our demand for high-value items and therefore need credit cards rather than cash because carrying around.

For illustration,$ 40k in cash on your way to buy an auto isn't the safest idea. We can change the normalization of debt in the future by tutoring in academic ways to avoid debt and tutoring the true consequences of having so important debt.

Credit is generally defined as an agreement between a lender and a borrower. Credit also refers to an existent's or business's creditworthiness or credit history. In account, a credit may either drop means or increase arrears as well as drop charges or increase profit.

credit, which is capitalist that is available for you to borrow, debt is capitalist you've formerly espoused but haven't yet paid back. Credit is simply the capability to acquire debt.

still, you're adding$ 50 in debt, If you use your credit card to make a$ 50purchase. A loan can be considered as a disbenefit balance when the loan is given out by the business while it can be considered as a credit balance when it's taken by the business. Also, read MCQs on Trial Balance.

Learn more about credit here: brainly.com/question/6872962

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You might be interested in

On January 1, 2017, Eagle borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal total p

goblinko [34]

Answer:

Issuance - January 1, 2017

Cash $16,000 (debit)

Note Payable $16,000 (credit)

December 31, 2017

Interest Expense $800 (debit)

Note Payable $3,712.19 (debit)

Cash $4,512.19 (credit)

December 31, 2018

Interest Expense $614.39 (debit)

Note Payable $3,897.80 (debit)

Cash $4,512.19 (credit)

December 31, 2019

Interest Expense $419.50 (debit)

Note Payable $4,092.69 (debit)

Cash $4,512.19 (credit)

December 31, 2020

Interest Expense $214.87 (debit)

Note Payable $4,297.32 (debit)

Cash $4,512.19 (credit)

Explanation:

The Loan Amortization Schedule is most appropriate way to solve all parts of this problem.

The first step to construction of the Amortization Schedule is to determine the payments made annually, PMT (interest and principal).

Using a Financial calculator, this can be determined as ;

Pv = $16,000

r = 5%

n = 4

Fv = $0

p/yr = 1

Pmt = ?

Thus PMT is $4,512.19.

Amortisation Schedule (Extracted from Financial Calculator)

2017

Principle Payment = $3,712.19

Interest Payment = $800

Balance = $12,287.81

Accounting Entries :

Interest Expense $800 (debit)

Note Payable $3,712.19 (debit)

Cash $4,512.19 (credit)

2018

Principle Payment = $3,897.80

Interest Payment = $614.39

Balance = $8,390

Accounting Entries :

Interest Expense $614.39 (debit)

Note Payable $3,897.80 (debit)

Cash $4,512.19 (credit)

2019

Principle Payment = $4,092.69

Interest Payment = $419.50

Balance = $4,297.32

Accounting Entries :

Interest Expense $419.50 (debit)

Note Payable $4,092.69 (debit)

Cash $4,512.19 (credit)

2020

Principle Payment = $4,297.32

Interest Payment = $214.87

Balance = $0

Accounting Entries :

Interest Expense $214.87 (debit)

Note Payable $4,297.32 (debit)

Cash $4,512.19 (credit)

8 0

2 years ago

xyz company recently signed a lease on their new office space. as part of the lease agreement, they must pay for property's real

erastovalidia [21]

If they must pay for property's real estate taxes and premiums for insuring the building. The type of lease xyz company sign is: Double net lease.

<h3>What is Double net lease?</h3>

Double net lease can be defined as form of agreement that occur between a tenant and a landlord were the tenant agrees to pay for the cost of rent while the landlord on the other hand agrees to pay for operating expenses incurred by the tenant.

Based on the given scenario the type of the lease xyz company sign is called double net lease as they have to pay for property's real estate taxes as well premiums for insuring the building.

Therefore the type of lease xyz company sign is: Double net lease.

Learn more about double net lease here:brainly.com/question/14244511

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4 0

1 year ago

On January 1, a company purchased a five-year insurance policy for $3,300 with coverage starting immediately. If the purchase wa

marissa [1.9K]

Answer:

a. Debit Insurance Expense. $660, credit Prepaid Insurance, $660.

Explanation:

The adjusting entry is shown below:

Insurance expense Dr $660 ($3,300 ÷ 5 years)

To Prepaid insurance

(Being the insurance expense is recorded)

here we debited the insurance expense as it increased the expense and credited the prepaid insurance as it decreased the assets

Therefore the option a is correct

7 0

3 years ago

How can professional education improve the life of people

devlian [24]

The education or educational programs which helps us to get the required practical and theoretical knowledge is called professional education. If we are provided with professional education it helps us to improve the lifestyle of people. We get job according to our knowledge. Which means if we have got professional education it helps us to get better job which provides us with good amount of money. And if we provided with better money our standard of living becomes good.

3 0

2 years ago

Charles is planning a trip to Guatemala. He has allocated $415 for spending money. If the exchange rate from US dollars to Guate

svet-max [94.6K]

A. its the answer 3,533.10 quetzals

4 0

3 years ago

Read 2 more answers