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What is the journal entry when cash collected from debtor is used to pay creditors but should have been deposited at bank?
debit Accounts Payable
credit accounts receivable
What else can I help you with?
Are assets claims of creditors?
No, assets are not claims of creditors; rather, assets are resources owned by an individual or entity that have economic value. Creditors hold claims against those assets in the form of debts or obligations owed to them. When a debtor defaults, creditors may seek to recover their claims by accessing the debtor's assets, but the assets themselves belong to the debtor until such actions are taken.
What is the debtor journal entry?
Debit accounts receivableCredit sales revenue
What is the definition of sundry debtors and sundry creditors?
The person to whom you have sold goods.(Consumer is the debtor.)
What is the definition for sundry debtor?
SUNDRY - Miscellaneous small or infrequent customers that are not assigned individual ledger accounts but are classified as a group.SUNDRY CREDITORS - refers to companies or individuals to which money is owed.SUNDRY DEBTOR - is an entity from who amounts are due for goods sold or services rendered or in respect of contractual obligations. Also termed: debtor, trade debtor, and account receivable.
What is the Journal Entry for Money Order Received?
No entry for receiving money order it is the journal entry for the purpose of money order that is actually recorded.
What chapter proceeding the debtor surrenders his nonexempt property for division among his creditors?
The chapter that typically follows a debtor's surrender of nonexempt property for division among creditors is Chapter 7 bankruptcy. In Chapter 7, a trustee is appointed to liquidate the debtor's nonexempt assets to pay off creditors.
The debtor surrenders his nonexempt property for division among his creditors?
liqidation
In Alabama is it legal for creditors to contact a debtor on a Sunday?
Yes. The FDCPA does not prevent creditors/collectors from contacting a debtor on Sundays or holidays. Collectors cannot contact the debtor at unusual times, for example 3 A.M, or call excessively. The definition of "excessively" is broadly defined.
What is mora creditors?
the failure of creditor to accept proper performancewhen tendered by the debtor
When do you stop paying your creditors once you have retained a bankruptcy attorney?
The debtor should cease payment of creditors when they decide they are going to file for bankruptcy.
Can the bankruptcy court confirm the debtor's plan of reorganization?
A court can confirm a plan if that plan proposes to pay secured and priority creditors in full and unsecured creditors an amount that is fair and equitable. Thus, even if creditors do not vote in favor of the plan, the court can confirm it as long as it is fair to those creditors. The reasoning is that the court knows what is best and will not allow creditors to thwart the ultimate purpose of the code which is to provide for creditors what is fair based upon the financial circumstances of the debtor
What is the debtor journal entry?
Debit accounts receivableCredit sales revenue
What does a trustee do in Chapter 7 bankruptcy proceedings?
In Chapter 7 bankruptcy proceedings, a trustee is responsible for overseeing the liquidation of the debtor's assets to repay creditors. They review the debtor's financial information, sell non-exempt assets, and distribute the proceeds to creditors.
When do suppliers become creditors?
When a debtor lends money to someone else, he becomes a creditor. noura.
What regarding bankruptcy is not true?
Creditors must always eliminate the debt owed by the debtor when there is a bankruptcy.
What is the definition of sundry debtors and sundry creditors?
The person to whom you have sold goods.(Consumer is the debtor.)
Can creditors get assets of a debtor in a non-extradition country?
There is no such thing as extradition for a civil/tort case.
