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What is a delinquent account?
A delinquent account is any account that has a past due balance. It will remain in delinquent status until the account has a zero balance.
After posting the second closing entry to the income summary account the balance will be equal to?
Zero
What does a charge off with a zero balance mean?
A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.
When a check is received for the full payment of an Accounts Receivable account which of the following steps do you need to take?
A check in most accounting is considered the same as cash and therefore it is treated the same. A debit to the cash account will be made to note payment of the account and a credit to the appropriate account payable account to bring the AP down to a zero balance. The check will then be deposited with the normal bank transactions and recorded as such in the bank statements for the company.
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.
Is that you can maintain zero balance in posb bank?
Usually banks offer zero balance bank accounts to customers who have salary accounts with them. I have a zero balance account with DBS and since DBS and POSB are part of the same group, I guess they too will have a zero account balance bank account. You need to submit this bank account to your employer and if they GIRO your salary to this account automatically every month, it should be fine.
What is mean by lien balance in bank account?
zero
What if you have a negative balance in your bank account for 6 months?
If you have a negative bank balance for six months, the bank is likely to charge you fees and ask you to pay them what you owe. Once the account is back to zero, the bank will likely close that account.
Did bank provide zero balance savings account?
Yes, Banks provide zero balance savings accounts to customers. But this feature is not available to everyone. It is only available to special category of customers like:Salary Account holdersSenior CitizensChildrenEtc.The bank may choose to offer zero balance account facilities to any customer under their sole discretion.
What is the purpose of profit and loss suspense account?
The suspense account is a balance used to force the trial balance to agree. Once the errors have been located the respective amounts are debited or credited out of the suspense account until the balance is zero.
What is Pay-Pal balance?
Similar to a bank account balance. If you have a positive balance of received money it will show here. If you are just a buyer you mostly have a zero balance as when you buy things your balance is used first.
What is CDA in banking meaning and use?
CDA is a banking acronym for Controlled Disbursement Account. A CDA bank account is a subsidiary account to a Master account that is manually funded for a specific purpose (i.e. Accounts Payable, Payroll, etc.). Usually the CDA account balance is checked each morning for withdrawn funds, and if approved the exact funds are transfered from the Master account to satisfy the withdrawal. The alternative bank account structure is a ZBA account, which stands for Zero Balance Account. A ZBA account is a subsidiary account that is directly tied to the Master account so that any deposits/withdrawals are automatically transferred (swept) to the Master account, thereby maintaining a Zero Balance in the subsidiary account. The primary difference is that CDA provides a higher level of security since it requires a positive confirmation to transfer funds between the Master and Subsidiary accounts.
If you have zero balance account in PNB branch can you deposit money in any other branch in same bank?
yes you can deposit money in any other branch of pnb bank.
What happens if HDFC Bank Balance of Customer is 0 for two months?
If a customer's HDFC Bank account balance remains at zero for two consecutive months, the account may be classified as inactive. The bank could charge a nominal fee for maintaining the account, depending on its policies. Additionally, if the inactivity continues, the account might be closed, and the customer would be notified. It's advisable for customers to regularly check their account status and maintain a minimum balance to avoid such issues.
When start zero balance account opening in SBI?
sallry account
What will be the initial deposit to open a Bank of America account?
I think it is US $ 500 for a simple checking account. The bank would give you an ATM card and a check book for this account. However if you arrange to have a Direct Deposit (Your Monthly Salary/paycheck) into this account Bank of America waives this minimum balance requirement and you can have it as a Zero-Balance checking account.
What is a delinquent account?
A delinquent account is any account that has a past due balance. It will remain in delinquent status until the account has a zero balance.
