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Is it illegal to authorize money to be taken out of your account and then close account there after?
It is not illegal to authorize money to be taken out of your account and then close the account. However, if the money has been withdrawn and there are outstanding charges or payments, it is your responsibility to settle them even if the account has been closed. It is advisable to communicate with the recipient of the funds to resolve any outstanding issues.
What are laws with siblings sharing a bank account and one takes all the money out but the other was who the money belonged too?
one of the problems with a joint bank account is everyone on the account has access to all the funds in the account. this also applies to overdrawn balances, if an account has a negative balance then all signers on the account can face the negative consequences. on the other hand if only one of the siblings in question is a signer on the account that person would have legal right to all the money in the account.
Can attorney place levy on bank account from default judgment unsecured credit account in the state of Texas in which the debtor lives?
Yes, in Texas, an attorney can place a levy on a bank account as a means to enforce a default judgment on an unsecured credit account. This levy allows the attorney to collect the specified amount owed from the debtor's bank account to satisfy the judgment.
A or duty is money colonists paid for goods purchased from other countries?
A tariff is a tax on imported goods that colonists paid for purchases from other countries.
Law that governs the sale of goods?
The sale of goods is typically governed by the Uniform Commercial Code (UCC) in the United States. The UCC provides a set of rules and regulations that standardize commercial transactions involving the sale of goods across states.
What is the journal entry for purchasing goods on cash does goods account exist?
Debit goods purchasedCredit cashYes goods account is called "Inventory" account
In accounting what is the rule for entering in the ledger?
Debit an account that has received goods or money; and credit account that has given goods
What is the journal entry for goods return?
If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx
When a seller records a return of goods the account that is credited is?
When a seller records a return of goods, the account that is credited is typically "Sales Returns and Allowances." This account is a contra-revenue account that reduces the total sales revenue reported on the income statement. Additionally, the inventory account may be debited to reflect the return of goods to stock.
To purchase goods and services on account is to create what?
The correct answer is - an A/P liability.Accounts payable are liabilities (obligations) created by buying goods or services on account.
Is cost of goods sold a nominal account?
yes it is. it is an income statement account
What is the name of the controlling account for the finished goods ledger?
Work in progress account
What is the journal entry for Goods taken away by the proprietor for his personal use Rs 2000?
debit drawings account 2000credit goods account 2000
When a seller records a return of goods what account is credited?
When a seller records a return of goods, the "Sales Returns and Allowances" account is credited. This account is a contra-revenue account, which reduces the total sales revenue. Additionally, the inventory account is typically debited to reflect the return of goods to stock. This process ensures accurate financial reporting and inventory management.
Which one is the correct Journal entry when promoters with draw goods?
When promoters withdraw goods from the business for personal use, the correct journal entry would be to debit the Drawings account and credit the Inventory or Goods account. This reflects the decrease in the company’s assets (inventory) and acknowledges the withdrawal by the promoter as a personal drawing. For example: Debit: Drawings Account Credit: Inventory/Goods Account This entry properly accounts for the transfer of goods from the business to the promoter's personal use.
Account title for revenue earned when goods are delivered to costumers?
The account title for revenue earned when goods are delivered to customers is typically called "Sales Revenue" or "Revenue." This account reflects the income generated from the sale of goods or services. When goods are delivered, the revenue is recognized under the accrual accounting principle, aligning with the recognition of the earned income.
To purchase goods or services on account is to create?
asset
