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Is bad debts a personal account or nominal account?
Bad debts accounts is a nominal account shown in income statement and use to reduce the accounts receivable amount.
What are the requirements to be eligible for IRS tax form 8379?
If you filed a joint return and you're not responsible for the debt, but you are entitled to a portion of the refund you may request your portion of the refund by filing Form 8379 (PDF), Injured Spouse Allocation.Go to the IRS gov web site and use the search box for Topic 203 Failure to pay child support, Federal agency non--tax debts, state income tax obligations or certain unemployment compensation debts owed a state (namely debts for compensation that was paid due to fraud or for contributions due to a state fund that were not paid due to fraud).
What form do you use to write off a business bad debt?
If you are using a Schedule C for your company, "bad debts" is a line-item on it.
Can you use your AMEX card to pay another credit card?
yes you can pay
Is allowance for bad debts debit or credit?
It depends on how you do it. If you use a place that consolidates your debt by asking credit card companies & the like to reduce your debt or interest rate, then yes, it could be harmful to your.The Allowance for bad debts will go the on the debit side of the Balance Sheet. If total debtors are 20000 and 5% is allowed as allowance for bad debts then 19000 will be shown as debtors and 1000
What did farmers want to use to pay their debts and taxes?
crops by sami
What did the colonist use to pay debts?
They traded goods.
How do I pay off debts quickly?
You can start by paying off small debts then working your way to the bigger debts. You can use the money from paid off debts to double payments on bigger debts instead of blowing that money.
What happens now that your uncle died and your mother is executer he had a will but did not own anything of great value is she responsible for any debts he may owe?
No, the job of the executor is to use the resources of the deceased to pay any debts owed and then to distribute the remainder according to the will. If there are not enough resources to pay the debts, the executor has NO duty to pay them him/her self.
How do you use amortize in a sentence?
In order to pay off his large debts, John is going to amortize the payments.
Why couldn't the government of the confederacy pay its debts?
The Confederacy was unable to pay back debts owed to the Union as indemnity, because when the Southern states succeeded to form the Confederacy they formed their own currency, rather than use the national currency. After the Civil War ended their Confederate Currency was completely useless, valueless, and not accepted by the Union, and they had no real money to pay back their owed debts.
Why did farmers have to pay for using the port at new Orleans before the Louisiana purchase?
Farmers had to pay for using the port at New Orleans before the Louisiana Purchase because it was controlled by Spain. Spain, which had acquired the Louisiana Territory from France, required farmers to pay tariffs and fees to use the port for trading their goods.
What is an effect of farm subsidies that pay farmers to take land out of cultivation?
Farmers use more pesticides on lands they do cultivate to make up for lost production.
How can one go about paying off debts?
One can go about paying off their debts in a number of ways. They can save money from their salary to pay of a certain amount each month, they can consolidate their debts into one payment and simply things or use a debt management company.
If you file 13 you can keep assets like Saving Accounts?
No, you would use those to pay off the debts as best as possible.
How do you prepare an adjusting journal entry to record bad debts expense?
Bad debts DR Allowance for doubtful debt CR Some accounting practioners may use provison for doubtful debts instead of allowance for doubtful debts. Example of bad debts, suppose a customer was unable to pay their debts totalling $150. This will be the journal entry for the transaction: Bad debts 150 Allowance for doubtful debts 150
As executor can you rent out the estate house and use the rent to pay the taxes bills and use the rest as your fee There are four siblings 2 in agreement of the situation?
If the court agrees, yes. It makes sense to use the estate in a way to preserve the property and to liquidate the debts. The other alternative is to sell the house and pay off the debts. Then the balance can be distributed. Consult a probate attorney in your state for specifics and the way to go about it.
