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Should your sister be paying on her credit card balance if her credit card debt has not yet been discharged but her accounts have been closed by the credit grantor?
Wiki User
∙ 18y ago
Your sister should not be paying on the credit card balance. In fact, the credit card company cannot even legally send her statements because she is protected by the automatic stay.
Wiki User
∙ 18y ago
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The accounts that you discharged in bankruptcy should no longer show on your credit report after 1 year?
The accounts can remain up to seven years after the last payment was made, but will show a zero balance due to a bankruptcy filing.
Is accounts payable a debit or creit balance account?
Accounts Payable is a liability so it should be a credit balance.
Revenue accounts should begin each accounting period with zero balances?
should revenue accounts begin each accounting period with zero balance
What is the trial balance of a company?
The trial balance of a company is a list of all the accounts (income, expense and balance sheet) with their current balances. A trial balance should always total zero
If a credit card is discharged in a bankruptcy should it still show a balance on a credit report?
It will remain on the report for the required length of time and should be marked "included in bankruptcy."
Does accounts receivable close at the end of the year?
No. Accounts receivable is the total amount people owe your business, a debtor and should be kept on your balance sheet.
What are the Advantages of trial balance?
A trial balance is a listing of all business accounts and their balances. Common business accounts include but are not limited to: cash; accounts receivables; prepaids; property, plant and equipment; accounts payable; bank loans; taxes payable; shareholder loans and equity. A trial balance should show the debit and credit balances in all accounts and should add to zero. Maintaining a trial balance allows you to immediately check the balances of all of your accounts and can help you to find some errors in your entries. Trial balance will be "out of balance" (ie. not add to zero) if you make one of the following errors: If you accidently forget to book one side of an entry; If both sides of the entry are not booked at the same amount; If you accidently book the part of the entry as debit when it should be credit or visa versa.
Does cost of goods sold account have a debit balance or a credit balance?
Expense accounts should always be debit balances. The only exception is when you are recording discounts received on purchases in a separate account than the COGS account used for purchases. Discounts should be shown as a COGS account so that it is netted against purchases, and will have a credit balance. But even in this case, the total of all COGS accounts should be a debit balance.
Do you close out accounts payable at the end of the year?
In answer to your question: no. Accounts Payable is the total amount you owe to your creditors, therefore it is a liability and should be left on your balance sheet.
What Accounts should always have a zero balance after all closing entries are completed?
Assets, liabilities and owner's equity
When confirming accounts payable emphasis should be put on what kind of accounts?
Vendors that the company has made a large number of purchases from (in terms of dollar value). The account balance does not matter.
Will your credit report only show a discharged bankruptcy or will it also show all the accounts included in the bankruptcy?
Your credit report will show both the accounts (which were listed first) and the legal entry of the bankruptcy in the public records portion of your credit report. Once a bankruptcy is discharged, credit grantors should update the account listing (called a trade line) and make sure that no derogatory information is showing (like past due balance or collection account notations) EXCEPT for the "included in bankruptcy" statement. This is what SHOULD happen. It's up to you to follow up and make sure that your credit report looks like it is supposed to after a bankruptcy.
