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Answered 2007-02-02 00:06:45

Once they find the accounts if under your name they will take out money with the support of the federal government.

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Related Questions

How does Credit affects assets?

Credit has no impact on one's assets.

What do you do when someone dies leaving outstanding credit card debt but has no will or trust and no assets?

The creditors will write it off if there are no assets. They cannot come after anyone exept the person with the debt or their estate. If neither exists, they write it off.

Where do you record credit purchases of fixed assets?

in fix assets

Is a credit a decrease in assets retained earnings revenue liabilities?

Credit causes the decrease in assets only because assets has debit balance as a normal balance while all other items has credit balance and credit causes the increase in them.

Intangible asset increases by credit?

Intangible assets are assets like other assets and have debit balance so these are also increased by debit only and reduce by credit.

What is the journal entry for distribution of assets?

Debit distribution accountsCredit fixed assets

Can credit cards be garnished?

Credit cards are not assets, there's nothing to garnish from them.

A credit may signify what?

Decrease in assets

A credit signifies a decrease in?

a decrease in assets

Is patents normally debit or credit?

Patents are intangible assets, assets maintain a debit balance.

What is journal entry to combine company assets?

Debit combined assetsCredit combined liabilities

What will a decrease a revenue and a decrease in assets?

A sales refund will reduce income (debit to Sales Returns) and assets (credit to cash). A debit to Depreciation Expense and a credit to Accumulated Depreciation will reduce assets and net income.

Journal entry of credit purchase of asset?

Debit assetsCredit accounts payable

What are the primary assets of credit unions?

Consumer Loans

Journal entry for depreciation?

debit depreciationcredit assets

Transaction for issuing shares in exchange for assets?

[Debit] Assets account [Credit] Share capital account

You have massive credit card debt no assets and do not care about your credit rating what do you do?

You're already doing it.

Are current assets debit or credit items?

Current assets are debit as all assets has default balance debit so current assets as well and these are shown under current assets section of balance sheet.

What does the term debit and credit mean in book keeping?

In a financial transaction: * debits = What was paid for or gained. It can be an expense, an asset (something of lasting value) or it can be a reduction in a debt. * credits = What is the source of value. It can be income, an increase in debt or obligations (owner investment) or it can be a reduction in assets (cash or other assets)

Is intangible assets a debit or credit?

Intangible assets are also assets like any other assets so if all other assets have debit as a default balance then intangible assets also have debit as default balance. Like Goodwill etc.

What Consequences for not repaying a loan?

Negative impact to your credit score, and your car could get repossessed.

Is Credit Sales a current Assets?

Yes, it is a current asset.

Does assets account have a debit balance or a credit balance?


What happens when equipment is purchased on credit?

assets and liabilities increase

What is the journal entry for purchase of a business?

debit assetsCredit liabilitiesCredit cash

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