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What happens if If an amount is recorded on the side of a T account opposite the normal balance side?
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∙ 7y ago
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∙ 7y ago
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When an account balance is written-off what happens to the account balance?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
If you close open accounts will your credit score go up?
NO! THE OPPOSITE HAPPENS, YOUR CREDIT SCORE WILL LOWER. KEEP YOU ACCOUNTS OPEN EVEN IF YOU HAVE A ZERO BALANCE. NEVER, CLOSE AN ACCOUNT IF YOU CAN AVIOD THIS.
What is a payment on account by a customer?
A payment on account by a customer happens when a customer pays a bill. For example, if a person had an account at a furniture store, each month, he or she would make a payment on their account to pay down their balance.
What happens if you put someone else's name on a banking account?
They also become a joint holder or owner of the bank account and the account becomes a joint account. You and the other person you put into the account can operate the account independently and can carry out transactions like deposit, withdrawal, balance inquiry etc.
What happens if write a bounced check to marsh super market?
Marsh super market will sue you. You may be jailed for issuing a check without sufficient balance in your account.
What happens if If an amount is recorded on the side of a T account the normal balance side?
decreased
When an account balance is written -off what happens to the account balance?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
WHEN AN ACCOUNT BALANCE IS WRITTEN OFF WHAT HAPPENS TO THE ACCOUNT BALANCE?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
When an account balance is written-off what happens to the account balance?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
If you close open accounts will your credit score go up?
NO! THE OPPOSITE HAPPENS, YOUR CREDIT SCORE WILL LOWER. KEEP YOU ACCOUNTS OPEN EVEN IF YOU HAVE A ZERO BALANCE. NEVER, CLOSE AN ACCOUNT IF YOU CAN AVIOD THIS.
If your name is on a checking account with someone else and she passes what happens to the balance on the checking account?
It depends on your relationship to the deceased and if there was a will.
What happens if you do not close your bank account balance is fall than minimum?
nothing will happen you can put some more money in the bank account to resume it
What payment on account by a customer?
A payment on account by a customer happens when a customer pays a bill. For example, if a person had an account at a furniture store, each month, he or she would make a payment on their account to pay down their balance.
What is a payment on account by a customer?
A payment on account by a customer happens when a customer pays a bill. For example, if a person had an account at a furniture store, each month, he or she would make a payment on their account to pay down their balance.
What happens to balance on drawings account at the end of accounting year?
Balance of drawing account is write off against owners capital at the end of fiscal year. Journal entry is as follows: [Debit] Owners capital [credit] Drawings account
What happens to my financial statement if I don't record a prepayment?
The assets in the balance sheet will be understated as prepayment is under the assets account.
What happens if you open an account but it has no money?
Some banks offer zero account balance accounts. In them you need not maintain any minimum balance to run the account. But in most cases each bank would have a minimum amount that needs to be maintained. For example in a Nationalized Bank in India where the account gives you features like cheque book, ATM card etc, the minimum balance is 1000 rupees. In case you fail to maintain the minimum balance then the bank has the rights to charge a penalty. This would be charged on a monthly basis based on the number of times your account has failed to maintain the min balance.
