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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?

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Wiki User
2005-10-09 20:38:55
2005-10-09 20:38:55

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.

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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.

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Accounts Payable is a liability so it should be a credit balance.

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should revenue accounts begin each accounting period with zero balance

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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

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No. Accounts receivable is the total amount people owe your business, a debtor and should be kept on your balance sheet.

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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.

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A post-closing trial balance will contain, assets, liabilities and owners equity accounts.Assets include, current and long term assetsliabilities include, accounts payable, notes payable or any other "liability" the company currently has.Owners Equity accounts include such things as Retained Earnings and CapitalYou generally have 3 versions of a Trial Balance, your Trial Balance, Adjusted Trial Balance, and Post-Closing Trial balance.The post-closing trial balance is what you use once your expense accounts & revenue have been closed to the income statement.

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Keep any minimum balance they require. You can check your balance online for free.

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It will remain on the report for the required length of time and should be marked "included in bankruptcy."

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so what accounts for your actions? You are no longer a child. Be responsible.

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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.

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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.

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Vendors that the company has made a large number of purchases from (in terms of dollar value). The account balance does not matter.

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Fixed Assets are things of value that are expected to maintain their value to the entity for more than a year. All Assets are Balance Sheet accounts so yes, they should initially be recorded on the Balance sheet.

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The grantor should execute a quitclaim deed and the grantee should arrange to have a comprehensive title examination performed to determine the status of the title to the property.

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Firstly we should prepare Trading A/C n profit n loss A/C and at last balance sheet of the company..

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This transaction will be shown in balance sheet as cash as well as bond liability both related to balance sheet accounts.

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Yes kids should have e mails accounts

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Accounts Payable should be capitalized if using the phrase as a proper noun. If not then it does not need to be capitalized.


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