Account Receivables

Question by shinhappens: If I were to purchase a bad debt account, would I need a license to collect on it? Under the same circumstance of me owning the account or several accounts, would I still need a license? Best answer: Answer by RemembertheUtahNo. You would be covered under the Uniform Commercial Code contract law. [...]

Question by shinhappens: If I were to purchase a bad debt account, would I need a license to collect on it? Under the same circumstance of me owning the account or several accounts, would I still need a license? Best answer: Answer by TruthseekerNo, but you would have to follow the collection laws Give your [...]

Question by rigel_bluestar: Can Creditors draft from my spouses bank account for my bad debt? I have really bad credit that I’m taking car of right now, and becasue of it I dont have my own bank account becasue they can draft my account for the money that I owe my creditors, so I am [...]

Question by pimlico1825: If the credit balance of Allowance for Doubtful Accounts account exceeds the amount of a bad debt being writt? If the credit balance of the Allowance for Doubtful Accounts account exceeds the amount of a bad debt being written off, the entry to record the write-off against the allowance account results in [...]

Question by friendgirl: A bad debt is wrote off by a credit card company and a debt collector buys your account. Who do you pay? Are you obligated to pay full amount to debt collector? If you do pay debt collecter will debt still be on credit report? Any laws on this? Best answer: Answer [...]

Question by Mike: Can a company charge their sales person a percentage of the debt if an account goes bad? If an account of a sales person(company x) goes bad and owes money, can company x charge the sales person a percentage of the bad debt? Best answer: Answer by jakeSome do. I never did. [...]

Question by Sarah B: A , 000 account receivable is collected. How is the accounting equation affected? a. assets increase $ 5,000; liabilities decrease $ 5,000 b. assets increase $ 5,000; assets decrease $ 5,000 c. assets increase $ 5,000; liabilities increase $ 5,000 d. assets increase $ 5,000; owner’s equity increases $ 5,000 Best [...]

Question by Kevin: The buyer who pays cash for an account receivable is called a:? Best answer: Know better? Leave your own answer in the comments!

Question by h k: Do you know where I can take Quickbook, Account Payable, Account Receivable classes in Michigan? Do you know where I can take Quickbook, Account Payable, Account Receivable classes in Michigan Best answer: Answer by GarAdd some details and there might be someone that can help you. Add your own answer in [...]

Question by uranus99_1999: I paid a credit card late. Actually I paid it on the due date but it wasn’t applied to my account that day, be I paid it late but on the due date, it was Saturday after 3:00 so it was paid on Monday morning. I was charged the late fee, but [...]