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โˆ™ 2006-06-15 15:46:16
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The law is derived from three main sources what are they

If there is an erroneous payment then

These funds last 5 years have limited use and cannot pay for new obligations

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Q: Will a credit card company accept a lower payoff for a balance if the account is not past due but closed?
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Can a company who closes your account try to collect interest three years after closing the account?

Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.

Can a credit card company keep adding interest on a closed account?

Yes, until the account balance is paid in full.

Can a credit card company report a 30 day late on a closed account that still has a balance?

If a credit card is closed it cannot have a balance. Just because you have stopped using the ard you cannot declare the account closed. If you owe even one penny, the account is open and the credit card company can 'report a 30 day late'

Can a dormant account be closed and balance transferred to Profit loss account?


Which account would be closed by posting a debit to the account?

The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.

Can you close a checking acc when you have a neg balance?

Can a checking account be closed when you have a neg balance

What account has a balance equal to the net income before the account is closed?

income summary

Which account has a balance equal to net income immediately before it is closed?

income summary account.

Can a credit card continue to allow automatic charges on your account after you ask to have the account closed?

With automatic debits, you give your permission to the company to take the payments from your bank account. Be Cautious.

Credit line closed-grantor request-reported by subscriber?

Company Closed account

Are Sales Assets or Liabilities in terms of account Trial Balance?

Neither. Sales will be listed as an income statement account on the firm's trial balance. Once the accounts are closed at year end, sales will be closed into Retained Earnings.

Do you close out accounts receivable?

Technically yes. Once a person or company pays off a balance owed to you (hence the account receivable) the books show this as a zero balance. Though the account is still on the books itself, the balance is zero and is closed. Keeping the actual account on the book is for future use if that person or company purchases from you on account again. For example. You sale computers and John purchased a $1500 computer on account. The original transaction is recorded as a sale with a debit recorded in accounts receivable-John. As payments are received, A.R. is credited and cash is debited until the A.R. is closed out.

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