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From the grade 11 text book, occassionally an account that would normally have a debit balance, ends up having a credit balance or vise versa not because of a mistake. There is a reason the account ends up with opposit of the normal, for example, if you over pay an account payable, or a customer returns unsatisfactory merchandise for credit.
What else can I help you with?
What is mean by lien balance in bank account?
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What does Bank balance mean?
It means how much money you have in an account at the bank.
Can a company who closes your account try to collect interest three years after closing the account?
Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.
What is mod balance in a bank account?
what is the mod balance in account what is the definition of mod balance
What does it mean to be a co-signer on a credit account?
It mean - BOTH people who sign the agreement are liable for the balance owing.
Which type of checking account pays interest on the mean balance of the account during a particular cycle?
Average Balance account
What does Vested Balance mean?
Balance in your investment account before tax
What is mean by lien balance in bank account?
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What does force over balance on a bank account mean?
"Force over balance" refers to a transaction that is forced through disregarding any holds or the current balance on the account.
What does it mean when an AP account balance has increased?
sales have dropped
What does it mean if your account has a minus sign?
IT most likely means that your overdrawn on your account and its at a negative balance.
What does put in the black mean?
To be put in the black means that you have money or your account shows a positive balance. Being in the red means that your account has a negative balance.
What does a credit balance on partner's current account mean?
current liability
What does Bank balance mean?
It means how much money you have in an account at the bank.
What does mean writing off an account?
Canceling the balance of a customer account because the customer does not pay is called writing off an account.
What does it mean if the ap account balance has increased on the trial balance?
The trial balance is the list of all open accounts in the ledger (although post-closing trial balances exist as well). If the A/P (Accounts Payable) account increased on the trial balance, this would mean that entries had been made (journalized) and posted to the ledger that increase the A/P account balance. For example, buying inventory on account would increase the A/P account balance. This transaction would be journalized and then posted (process of transferring info from journal to ledger). This would result in an increase in A/P on the trial balance.
How can you find out your account balance?
Your account balance can easily be accessed by visiting your banker's site,click on account balance after putting your account no and you will have it instantly. Or you can update your bank passbook to ascertain your account balance.
