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What is the account is an account linked with another account having an opposite normal balance and reported as a subtraction from that other account's balance?
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What is an open account listed on a credit report?
Open Account - account listed as "open" on your credit report are accounts that are open, includes all accounts that have been reported within the last 90 days.
What part of balance sheet is allowance for doubtful accounts reported?
The allowance for doubtful accounts is a reduction to the accounts receivable. This is a contra account, similar to accumulated depreciation.
Where do you pay collection accounts that are reported on your credit report when the company is out of business or no longer handles the account that was reported for collection?
You pay the collection agency.
Does closing a savings account affect your credit report?
No. If you personally close your bank accounts, it will not be reported to any of the credit reporting agencies. However, if your bank closes your savings account due to negative activity on the account, such as overdrafts, NSFs, etc.. they will be reported to CRAs.
Where does the suspense account fall under trial balance?
A suspense account will be reported in the trial balance same order of your General Ledger or chart of accounts if there is a balance. However, most of the suspense accounts are nominal or clearing accounts meaning temporary and it will be closed every closing or at the end of the year.
Where does accounts receivable go on a multi step income statement?
Accounts receivables would be included in the balance sheet. The income statement reports revenues and expenses. Accounts receivables is an asset account and all the asset, liablities and equity accounts are reported on the balance sheet.
What type of account is asset account?
An asset account is a "balance sheet" account. That is, when financial reports are created, the balances in asset accounts are reported on the balance sheet*, together with the balances in liability accounts and shareholders' equity accounts, and not on the income statement (which reports only revenues and expenses for the period of time ending on the balance sheet date.) *Another name for the balance sheet is the Statement of Financial Position.
What is the minimum amount reported that can be reported for collection?
i have been reported a bunch but on every one of my accounts i only been reported 3 times then an account bann so im quesing you can only get reported 3 times and thanks to Jason skullblood and Julia stardreamer for reporting me (y should their even be reports
Can you have bank account after bankruptsy?
Yes. Bank accounts are not linked to your credit accounts. The only thing that would keep you from opening an account is if you are reported to ChexSystems. You might also have difficulty opening a bank account at a particular bank if you had an account with them before but you had to close it as part of a deal concerning a credit card of theirs. Just make sure you aren't on ChexSystems and you'll be fine, or look for banks that don't use this system if you are. Bankruptcies are not reported to ChexSystems, only your credit reports...
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.
Is accounts receivable a permanent account?
Yes it is a real account. Accounts receivable is considered an asset and asset accounts are real or permanent accounts.
Is a contra account balance a debit or credit?
A contra account balance is a debit balance account. It is a general ledger account that has a balance that is an exact opposite of a normal balance. Contra accounts are generally used to report the gross and the net amount of an organization.
