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What else can I help you with?
What is the money owed to creditors called?
Accounts Payable
Companies to whom debts are owed are called?
Companies to whom debts are owed are called creditors. Creditors can be individuals, financial institutions, or other businesses that have extended credit or loans to another party. They have a legal right to collect the owed amounts, often outlined in a credit agreement or contract.
The notice sent to position showing the amount owed to the physician is called?
The notice that is sent to a patient that shows the amount owed to the physician is called a statement.
Can you explain how debt settlement companies work?
Debt settlement companies negotiate with creditors on behalf of individuals to reduce the amount of debt owed. They typically require clients to make monthly payments into a special account, which is used to settle the debts once a negotiated agreement is reached with the creditors. This process can help individuals pay off their debts for less than the full amount owed, but it can also have negative impacts on credit scores and may not always be successful.
What method are creditors using when they apply the finance charge only to the amount owed after you've paid your bill each month?
Creditors are using the "average daily balance" method when they apply the finance charge only to the amount owed after you've paid your bill each month. This method calculates interest based on the balance that remains after payments are made, rather than the total balance before payments. As a result, if you pay down your balance, the interest charged for the next billing cycle will be lower, reflecting the reduced amount owed. This approach encourages timely payments and can help borrowers save on interest costs.
Does a credit to a liability account increase or decrease amount owed?
It increases the amount owed, because creditors would be credited
A credit to a liability account?
indicates an increase in the amount owed to creditors.
What is the money owed to creditors called?
Accounts Payable
If you receive a personal injury settlement do you have to repay your creditors the total amount owed to them?
yes.
Companies to whom debts are owed are called?
Companies to whom debts are owed are called creditors. Creditors can be individuals, financial institutions, or other businesses that have extended credit or loans to another party. They have a legal right to collect the owed amounts, often outlined in a credit agreement or contract.
Accounts Payable represents amounts owed to debtors True False?
False, Accounts payable represents the amount payable to creditors rather debtors which is called accounts receivable.
What is the creditors?
money owed by the company
What are Accounts Payable and Notes Payable?
Accounts payable are the amounts owed to a supplier that the buyer holds an account with. Notes payable is the amount owed to creditors, that is, suppliers that the buyer does not hold an account with.
The notice sent to position showing the amount owed to the physician is called?
The notice that is sent to a patient that shows the amount owed to the physician is called a statement.
What is the creditors balance?
money owed by the company
What meant by sundry creditors?
When amount from more than one small creditors are join and shown together it is called sundry creditors.
What is baddebt?
Baddebt are those amount which cannot be recovered from the creditors this amount is in short unrecoverable so it is called baddebt.
