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Can a credit card company keep adding late charges when you have closed the account and advised them that the balance is not going to be paid?
Wiki User
∙ 14y ago
In most cases, yes, interest and fees will continue to accrue until the account is settled or written off by the creditor. Please do not confuse a "write off/cancellation of debt" with the the term "charge off", they are two entirely different issues.
Wiki User
∙ 14y ago
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Can a credit card continue to allow automatic charges on your account after you ask to have the account closed?
Not if you ask them to close it in writing and you have NO balance.
Impact on accounts payable if the company pays the account?
An account payable is a debt the company owes and maintains a credit balance, the impact on the account if a company pays the debt is a decrease in what the company owes or a decrease in the account payable. This means a debit will be added to the account to "decrease" the balance.
Can a company who closes your account try to collect interest three years after closing the account?
Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.
How can a person get a print out of their account balance?
You can get a print out of your account balance at the company that holds your account. Either you go to their website and log in or you go to their office.
What is the normal balance of a capital account?
Capital account has credit balance as a normal balance of account as it is the amount company requires to return back to it's owner at the time of liquidation.
When does accounts receivable have a credit balance?
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
Is an accouts receivable account in accounting a debit or a credit balance account?
Accounts receivable has a debt balance as normal accounting balance because it is an asset of company.
Normal balance of an expense account?
All expenses have debit balance which reduces the profit of company and shown under income statement and all revenues are credit account which increases the income of company
What is classification and normal balance of the drawing account?
The classification and normal balance of the drawing account is the owner's equity with a debit balance. A balance sheet is a summary of a company's liabilities and assets, as well as the shareholders' equity.
Are profit and loss account on an income statement or balance sheet?
Profit & Loss Account is the Statement showing indirect expenses and receivable of a Company where as Balance Sheet is the Statement highlighting Assets and Liabilities of the said Company.
Why is cash debit in the book of accounts whereas it is credit in the bank statement?
Because it's taken from the company's cash balance - and credited to the company's account. The company's books must balance - therefore, the cash is taken from one account and paid into another.
How do you show a debit balance on a liability account?
You should never have a debit balance in a liability account. Liability accounts maintain a "credit" balance. If a debit balance incurs, it means that the company has paid too much to the account.For example, say I owe Company B $500 on an account payable (liability) and I for some reason pay them $600 instead, that does actually give me a debit balance, however that also means they owe me $100 since I overpaid them.If it's a supplier I order from on a regular basis then I can just leave the balance alone and let it balance itself out with the next purchase, making note about "why" there is a debit balance.However, if it's a company I made a one time purchase from, for example I bought a computer and don't plan on buying another one from the company for a while, it's best if I zero out the balance and move the balance from the liability account into an account receivable (an asset account) and contact that company about the error and a possible refund.
