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How Are Closed-end Accounts Reported?

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I need help finding an answer. I recently purchased an appliance by financing it; however, when I pulled my credit report I found that the amount of the purchased item is being reported as my Credit Limit and the total amount financed is being reported as my Recent Balance. As a result, it shows that my balance is greater than my Credit Limit and it makes it look as if I have gone over my Credit Limit instead of showing that I am paying down my balance. I'm afraid that this might be bring my credit score down. Can they do this? Is this right?

Credit Limit: $2,424

High Balance: N/A

Recent Balance: $3,288


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