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What is a debt that will be subtracted from the balance of your account?
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∙ 6y ago
Account payeable
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What is a debt that is subtracted from the balance of your account?
Account payeable
What is the total account debt as of the statement date called?
The total account debt as of the statement date is called the balance.
Is an accouts receivable account in accounting a debit or a credit balance account?
Accounts receivable has a debt balance as normal accounting balance because it is an asset of company.
Impact on accounts payable if the company pays the account?
An account payable is a debt the company owes and maintains a credit balance, the impact on the account if a company pays the debt is a decrease in what the company owes or a decrease in the account payable. This means a debit will be added to the account to "decrease" the balance.
Is purchasesaccount debit or credit?
Purchases account is personal account in nature and basic rule for personal account is debt what comes in and credit what goes out so purchases is a debit balance as a default balance.
What is a debt that is subtracted from the balance of your account?
Account payeable
Is provision for doubtful debt subtracted from debtors in the balance sheet?
Yes it is.
What is the total account debt as of the statement date called?
The total account debt as of the statement date is called the balance.
Is an accouts receivable account in accounting a debit or a credit balance account?
Accounts receivable has a debt balance as normal accounting balance because it is an asset of company.
Impact on accounts payable if the company pays the account?
An account payable is a debt the company owes and maintains a credit balance, the impact on the account if a company pays the debt is a decrease in what the company owes or a decrease in the account payable. This means a debit will be added to the account to "decrease" the balance.
What is a different way to say you are in debt with word red in it?
My account balance is "in the red." Once debt is paid, you're "in the black."
Is purchasesaccount debit or credit?
Purchases account is personal account in nature and basic rule for personal account is debt what comes in and credit what goes out so purchases is a debit balance as a default balance.
Is bad debts account a balance sheet item or income statement?
It depends on how you have already treated the bad debt in the accounts, if you've already either written the debt off or fully provided for it then the recovery of the debt will be a P&L transaction (income statement)
If you paid your debt and they credited the full amount back to your account 7 days later are you still liable for this debt?
Whoever you paid the debt to must have not had the account with them, therefore they returned the payment. So to answer your question, yes you are still liable until there is a zero balance on the debt you owe.
How is the Bonds Payable account classified on the balance sheet?
It is classified under Long-term Debt/Liabilities
What kind of account is linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account?
The account you are asking about is called a contra account. One example of a contra account is "Accumulated Depreciation." Accumulated Depreciation (or A/D for short) is grouped with fixed asset accounts on the balance sheet. The normal balance for A/D is a credit, while all other asset accounts (besides other contra accounts) have a normal debit balance. The credit balance in A/D is netted with the debit balance in fixed assets to determine the net book value (NBV) of the fixed assets.
Are you only liable for the dollar amount that you signed for or are you liable for the full balance on the card?
If you are the account or joint account holder, you are responsible for the entire balance regardless of who incurred the debt. If you are an authorized user you are not responsible for repayment except to the account holder.
