No, all negative information will remain on a CR for the required amount of time. Generally 7 years for charge-offs, judgments, dismissed BK's, etc. 10 years for discharged bankruptcies.
usually this is because the original lender sold the account to a new lender which takes on the loan/debt, but the paper trail is still left on a persons credit report. If a company goes out of business they also liquidate their assets/accounts to another creditor. It also can be because the person did not pay on the account and it was sold to another creditor or a collection company. The most rare case would be that there is a mistake on a persons credit file and should contact the credit report company.
Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts payable are liabilities. Accounts receivable are assets.
Assume we are selling a dress on credit for $100; the dress has a cost of $80. Accounts receivable: debit 100 Sales: credit 100 Cost of goods sold: debit 80 Inventory: credit 80 The rationale is as follows: Inventory is an asset (normal debit balance), which is reduced (hence a credit) Accounts receivable is an asset (normal debit balance), which increases (hence a credit) A profit is made of 20, hence equity increases. Instead of applying a credit on retained earnings, temporary T-accounts are used (sales and cost of goods sold) Sales has a normal credit balance, hence it is credited Cost of goods sold has a normal debit balance, hence it is debited Notice that the two temporary T-accounts together are credited for 20, which is the profit margin
Yes and no. What the original credit agency should be reporting is that the debt was transferred to a new collector. Once you have proof that the debt was paid in full, you should be able to provide all creditors that are reporting negative info regarding that debt that this is the case and they should mark your records accordingly with a zero balance. It is really entirely up to them as to whether or not they totally remove the entry from your credit report.
Bro the best way is to have your poor accounts disputed and removed. I had a law firm write a letter for me and all my disputed accounts were removed. This is the link to the cousin that sold me the pre-paid legal assistance. A lawyer can cost about 250 an hour but I did it pre paided for 20 a month. Here is the link. Good luck. https://sites.legalshield.com/aasites/Multisite?site=hub&assoc=ejasminejones
Account Recieveable: It is the person to whom you sale goods on credit and amount is recieveble to some future timeAccount Payable: It is the person from which you purchased goods on credit and agreed to pay in future.Accounting Entries:Account Recieveable:When good sold on creditAccounts recieveableSalesWhen receive the amountCash/Cash EquivalentAccounts RecieveableAccounts Payable:When goods purchased on creditPurchasesAccounts paybleWhen payment madeAccounts payblecash/cash equivalent
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