Whenever You Make More Than the Minimum Payment on Your

question 51

True/False

Whenever you make more than the minimum payment on your credit card account,the lender must apply any excess above the minimum payment to the portion of the card debt that carries the highest APR.

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Definitions:

Reversing Entries

These are journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous accounting period.

Adjusting Entries

Records in finance completed upon the conclusion of an economic term to apportion gains and expenditures to the era in which they authentically occurred.

Accrued Assets

Assets that are recognized on the balance sheet before they have been received or realized, often relating to income not yet received.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries from the end of the previous period, simplifying the record of new transactions.