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When an account becomes delinquent, it typically results in negative financial consequences for the account holder, such as late fees, increased interest rates, and potential damage to their credit score. This can hinder future borrowing opportunities and lead to higher costs for loans or credit. Additionally, the creditor may take actions such as collections or legal proceedings, further complicating the account holder's financial situation. Overall, delinquency can have long-lasting effects on an individual's financial health and creditworthiness.

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1w ago

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What is it called when the amount credited to an AO account exceeds the amount billed by the bank?

When the amount credited to an account exceeds the amount billed by the bank, it is typically referred to as an "overpayment." This situation may arise from various factors, such as billing errors, duplicate payments, or adjustments made by the bank. An overpayment can result in a credit balance in the account, which may be refunded or applied to future charges.


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Where is prepare statement of affairs?

Chicago fun enterprise had just completed operations for the year ended 31st December 2008. however, the owner did not keep proper accounting records. thus, difficulties arose upon the preparation of the final accounts. the owner approaches you to assist her in preparing the financial statements for the year ended 31st December 2008. the following information is made available: cash sales 172,125 cash purchases 18,000 cash paid to trade 180,000 expenses paid during the year: salaries 27,000 insurance 4,800 rent 11,600 general expenses 6,200 discount received 1,200 cash from credit customers 151,275 cash purchase of equipment on 28 December 2008 36,000 discount allowed 900 additional information: 1. the assets and liabilities of Chicago fun enterprise: 1/1/2008 31/12/2008 equipment at net book value 48,000 75,600 cash 78,360 ? inventories 15,000 21,600 trade debtors 4,500 8,100 trade creditors 10,800 15,300 accrued general expenses 1,800 15,300 prepaid salaries 2,500 - accrued salaries - 2,000 required: prepair: a) the statement ao affairs 1 January 2008. b) the cash account for the year 31 December 2008 c) the income statement for the year ended 31st December 2008 d) the balance sheet as at 31st December 2008