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What else can I help you with?
Do unearned fees go into an income statement?
Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)
What is debit and credit in accounts?
Debit refers to the left side, and credit to the right side.Balance sheetFor example: A balance sheet has a left side (debit) including the assets and a right side (credit) showing the liabilities and equity. T-accountLikewise, a T-account (used to record transactions) has a debit side and a credit side. For some T-accounts the debit side means increases (and credit decreases), while for other T-accounts it is the reverse.
If your account is sold to another collector does it stay on your credit report another 7 years?
In a word: No, the account will not stay on for another 7 years. All negative information regarding the account must be removed 7 years from the date of the ORIGIONAL delinquincy. For example, if you were late on a credit card in January, 2002, and was delequint every month after to the point that it was turned over to collections, ALL derrogatory information must be deleted seven years after January, 2002. On occassion, companies will sell an account for the sake of keeping it active on a consumer's credit report beyond the 7 year statute of limitations. Be aware that this practice IS illegal, and you may successfully dispute such items off your credit report. The seven years is from the original date. It cannot be reported again, even if another collection agency buys that debt. (But I guess they get away with it if we don't monitor our credit reports!)
I received a debt collection notice for an unpaid electricity bill for an account that I closed. How badly much will it affect my credit score How long will it take for the negative effect to go away?
How badly... is a closely guarded secret, but it will hurt you. How long is a minimum of seven years. You should phone the electric company people and try to explain that the account is closed or just pay the bill, the worst thing you can do it ignore the problem. I don't know how much something like that would hurt a credit score, but it could be big and won't just go away, don't risk a good credit score for something as simple as an electric bill
What does creditable mean?
To Take away
Do unearned fees go into an income statement?
Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)
What journal entry goods taken away by the owner?
[Debit] Drawings account xxxx [Credit] Purchases account xxxx
What is theDifference between a debit and a credit?
When you make purchases with a debit card the money is taken out of your account right away, when you purchase with a credit card you don't have to pay in full right away you make payments.
My mom passed away and I was authorized user on her card. now it is on my credit report as discharged.what do you do?
You need to open your own account.
What happens if you have no activity in credit card?
Many credit card issuers will either close the account or reduce the amount of available credit if a card is not used once in a while. The preferred frequency of usage is often arbitrary. However, using a card occasionally and then paying it off right away--within a day or two--would usually avoid any interest and keep the account alive. If one already has an account, the available credit helps to improve one's credit score. Therefore, it is important to keep the account alive.
If you had a joint checking account with your deceased mother will you have to put it an estate account?
Yes, typically when one of the joint account holders passes away, the joint account automatically transfers to the surviving account holder. However, it is advisable to consult with a legal professional to determine if any specific actions need to be taken, such as transferring the funds to an estate account.
What is cotralateral control?
Contra- means against or opposite, and lateral means the edge away from the body. So contra-lateral means opposite outer edge. Conralateral does not control anything.
How to you get a credit score?
You have to have credit to have a score. If you have never had a credit account, you will need to take steps to establish credit. Good ways to start include secured credit cards, auto loans, department store cards (although I strongly recommend staying away from those). After six months, a credit score can be calculated based on your history of payment. Take care managing debt and credit. Even though derogatory information has a 7 year statute of limitations, the information does not "go away". It is still factored into credit scores.
What to do if hacked on pay pal and credit card got wiped out?
call paypal right away and tell them what happened so they can suspend the account and look into it further
Can a credit card company lower your credit limit without your consent?
Yes. They have the right to do that. They are the one who is giving you the credit in the first place. Not only can they do that but they can also take away all your credit and close your account for no reason at all if they choose too and they can also sell your account to another company without your permission just because they want too. But they have to notify you that they are doing that. Yes, they can change or even cancel your limit without your consent.
Will canceling your credit card hurt your credit?
Most likely it will. The credit agencies may not know whether you cancelled your account, or if it was taken away from you by the credit card company. If you are concerned about your credit score, then having 2 to 3 credit cards will generally raise your score, as it demonstrates that each credit card company believes you to be capable of paying their credit card bills. Only use those credit cards enough times a year that they will not be canceled due to non-use.
If you and your husband are joint tenants on credit cards are you responsible for the debts if he has passed away?
Yes. When an account is jointly held, all parties are equally responsible for the entire amount owed.
