Class Action Lawsuit Alleges Collection Agencies' Credit Card Offer Contains ... InsideARM
According to court documents Plaintiff Mark Myers received a mailed communication on July 12, 2010 with an offer from NCO Financial Services and GFS Financial Solutions that stated in bold print at the top, “Transfer your debt to a Pre-Approved+ MasterCard®!” The average consumer receives numerous credit card offers in the mail each month and may have perceived this offer, which was an attempt to collect a debt on behalf of the defendants, as a typical credit card application/offer, or junk mail and tossed it in the trash, and in the process, thrown away a communication that triggered specific rights under the Fair Debt Collection Practices Act.
Part and parcel of the FDCPA’s rights afforded to a debtor is what is commonly referred to as the “Mini-Miranda Warning”, a statement that identifies the name of the debt collector, the company they represent, and advises the debtor of his/her right to validate and dispute an alleged debt within 30 days. The Fair Debt Collection Practices Act mandates that each time a debtor is contacted by a debt collector via written communication, the “Mini-Miranda Warning” must be provided.
Accounts Receivable Management & Debt Collection Solutions
Get a FREE white paper at www.debtcollectioninsight.com Contact and locate debtors with more than four billion credible records! LexisNexis ...
HELP - Urgently require casual\short term work – HELP ?
Looking for short term or casual work in Melbourne’s
City\Southeast Suburb’s, Hardworking mature adult, responsible, reliable and punctual. With strong background in Accounts Receivable, Debt Collection, Call Centre, Forklift & Warehouse work.
Available until end of Jan for any work. If anyone knows of anything advertised at the moment, has any contacts or can provide any advise, it would be much appreciated.
Thanks in advance!
Go to "seek", they have heaps of jobs. Toll personnel are also advertising for staff, they are in Altona.
Bad debt collection - True of False?
James is in the business of debt collection. He purchased a $20,000 account receivable from Green Corporation for $15,000. During the year, James collected $13,000 in final settlement of the account. James can take a $7,000 bad debt deduction in the current year.
YOu are not the only one who met this problem,I have met this type of problem before.I have good experience here http://www.DebtFreetips.info/debt-free.htm to solve my similiar problem.
In financial accounting, how do you account for bad debts using the % of accounts receivable approach?
I'm in a financial accounting class and, using the allowance method, estimate the bad debts using the "percentage of accounts receivable" approach, and I can't seem to figure it out. Here's the problem:
At the beginning of 2008, EZ Tech Company's accounts receivable balance was $140,000 and the balance in Allowance for Doubtful Accounts was $2,350 (cr.). EZ Tech's sales in 2008 were $1,050,000, 80% of which were on credit. Collections on account during the year were $670,000. The company wrote off $4,000 of uncollectible accounts during the year.
Prepare journal entries to recognize bad debts assuming amounts expected to be uncollectible are 6% of the year-end accounts receivable.
Anyone know how to do this?
First you need to update your AR balance at year end.
140k beg balance + additional AR for the year (1,050k x 80%) - collection (670k) - the w/off (an AR w/off entry is Dr. Allowance Cr.AR) = 306k
Now looks at the allowance a/c. Beg bal = 2,350 BUT you have a w/off during the year of 4k . With the w/off, your balance has actually become DR of 1,650. NOT long because the you need to reflect the allowance a/c to be 6% of the year end AR balance of (6% x 306k = 18,360).
So, in your journal, you need to post
Dr. Bad debt expense
Cr. Allowance of (18.36k + 1.65k)
so that your balance becomes 18,6k CREDIT.
Cheers...
Cheers...
someone please help me with my personal finance!! cant afford to get any wrong!20 points!!?
1. Which of the following is not a core module of accounting? (1 point)
Accounts receivable
Accounts payable
Debt collection
Purchase orders
2. Which of the following is not a core module of accounting? (1 point)
Accounts receivable
Billing
Stock inventory
Debt collection
3. What is a general ledger also known as? (1 point)
A normal ledger
A nominal ledger
An enumerated ledger
None of the above
4. Which of the following is not one of the seven basic accounting categories? (1 point)
Asset
Gains
Losses
Investment
5. The listing of the account names and the sum of the account balances is called what? (1 point)
A total balance
A complete balance
An absolute balance
A trial balance
6. Which of the following should not be included in a general ledger? (1 point)
Date
Description
Total amount for each account
All of the above
7. Why kind of statment is also known as a profit and loss statement? (1 point)
Complete statment
Income statement
Investment statment
Earnings statment
8. What kind of statment shows how changes in balance sheet and income accounts affected cash and cash equivalents? (1 point)
Cash flow statement
Investment statement
Earnings statement
Income statement
9. A balance sheet is often described as a of the company's financial condition on a given date. (1 point)
Picture
Snapshot
Photo
Slideshow
10. What is the purpose of an income statement? (1 point)
To show managers and investors whether the company is up-to-date on taxes
To show managers and investors whether the company is spending its money appropriately
To show managers and investors whether the company made or lost money during the period being reported
None of the above
1. Purchase Orders
2. Stock Inventory
3. Nominal Ledger
4. Investment
5. Trial Balance
6. All of the above
7. Income Statement
8. Cash Flow Statement
9. Snapshot
10. To show managers and investors whether the company made or lost money during the period being reported.
2. Stock Inventory
3. Nominal Ledger
4. Investment
5. Trial Balance
6. All of the above
7. Income Statement
8. Cash Flow
9. Snapshot
10. # 3
I'm working on a problem for my accounting class and I've gotten stuck, I think. I want to see if I'm doing ?
this right.
Problem 2: Bad debt expense
The following information is available for Jones Company, which uses the allowance method of
accounting for bad debts.
Accounts receivable balance, 1/1/08 $25,000
Allowance for Doubtful Accounts, 1/1/08 150
Sales on account, 2008 552,250
Collection on accounts receivable, 2008 402,200
Jones estimated that 2% of sales on account will be uncollectible.
Required: Prepare horizontal analysis entries for the following events:
A. 2008 sales.
B. 2008 collections on account.
C. After several attempts at collection, Jones wrote off an account of John Smith for $200 that
could not be collected.
D. Bad debt expense for 2008.
E. John Smith unexpectedly paid the $200 owed.
A. 2008 sales.
Dr Accounts receivable $552,250
Cr Sales $552,250
B. 2008 collections on account
Dr Cash $402,200
Cr AR $402,200
C. After several attempts at collection, Jones wrote off an account of John Smith for $200 that could not be collected
Dr Allowance for Doubtful Accounts $200
Cr Accounts receivable - John Smith $200
D. Bad debt expense for 2008
Dr Bad debt expense $11,045
Cr Allowance for Doubtful Accounts $11,045
E. John Smith unexpectedly paid the $200 owed
Dr Accounts receivable - John Smith $200
Cr Allowance for Doubtful Accounts $200
(To reestablish an account previously written off via the reversal of the entry recorded at the time of write off)
Dr Cash $200
Cr AR $200
If a company has an acid-test ratio of 1.2:1, what respective effects will the borrowing of cash by short-term
debt and collection of accounts receivable have on the ratio?
Short-term Borrowing Collection of Receivable
a. Increase No effect
b. Increase Increase
c. Decrease No effect
d. Decrease Decrease
Acid test ratio = (cash + marketable securities + net receivables) / current liabilities.
In the first scenario, you are going to increase cash and increase current liabilities. It's tricky because it seems like it would no effect as they would cancel each other out, however, that's not the case. You will actually decrease your quick ratio (acid test).
In the second scenario, you will increase cash and decrease your net receivables. Both of these will only affect the numerator of the equation and net each other out, so you will have no effect.
Final answer is C.
Hope this helps.
What are amounts for the bad depts expense and allowance for doubtful accounts?
Ming Company began operations on January 1, 2008. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows:
2009
e.
Sold $1,517,800 of merchandise (that had cost $1,302,200) on credit, terms n/30.
f.
Wrote off $32,600 of uncollectible accounts receivable.
g.
Received $1,118,100 cash in payment of accounts receivable.
h.
In adjusting the accounts on December 31, the company estimated that 1.3% of accounts receivable will be uncollectible.
Required:
Prepare journal entries to record Ming’s 2008 and 2009 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)
what is h ??? what are the amounts for the bad depts expense and allowance for doubtful accounts?
Do you know what "T" accounts are?
Record each transaction in the correct T account. Then, for h, it says you want to balance in the allowance for uncollectible accounts to equal 1.3% of what the balance is in the A/R account. Go ahead and compute 1.3% of the A/R.
Now comes the tricky part. What ever the balance is in the allowance account, make an adjusting entry to make it 1.3% of A/R, either a debit or a credit. The tricky part is the other side of the entry is posted to bad debt expense.
What is the cash and merchandise inventory amounts?
Ming Company began operations on January 1, 2008. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows:
2008
a.)Sold $1,347,700 of merchandise (that had cost $982,500) on credit, terms n/30.
b.)Wrote off $20,700 of uncollectible accounts receivable.
c.)Received $671,100 cash in payment of accounts receivable.
d.)In adjusting the accounts on December 31, the company estimated that 1.3% of accounts receivable will be uncollectible.
Prepare journal entries to record Ming’s 2008 and 2009 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)
what is d.)? What is the Merchandise inventory and cash amounts?
Accounting question bad debt expense #3?
A company started the year with Accounts Receivable of $15,000 and an Allowance for Uncollectible Accounts of $3,500 (credit). During the year, sales (all on account) were $110,000 and cash collections for sales amounted to $105,000. Also, $2,000 worth of uncollectible accounts were specifically identified and written off. Then, at year-end, the company estimated that 15% of ending Accounts Receivable would be uncollectible. Answer the questions below.
Requirement 1:
What is the journal entry to record bad debts expense? (Omit the "$" sign in your response.)
General Journal
Debit
Credit
(Click for List) Cash Accounts receivable Allowance for uncollectible accounts Sales Write-off expense Bad debt expense Net realizable value Sales returns and allowances Allowance expense Notes receivable
(Click for List) Cash Accounts receivable Allowance for uncollectible accounts Sales Write-off expense Bad debt expense Net realizable value Sales returns and allowances Allowance expense Notes receivable
--------------------------------------------------------------------------------
Requirement 2:
What amount will be shown on the year-end income statement for Bad Debts Expense? (Omit the "$" sign in your response.)
Bad debt expense
$
Requirement 3:
What is the balance in the Allowance for Uncollectible Accounts after all the adjustments have been made? (Omit the "$" sign in your response.)
Allowance for Uncollectible Accounts
$
take your homework to the homework section!!!
State the affect of the following transaction on the accounting equation.
1.Payment of cash dividends.
2.Payment of creditors.
3.payment of expenses not yet incurred.
4.Charge depreciation on straight line method.
5.Collection of an account receivable.
6.Purchase of an asset on credit.
7.Withdraw of full capital from the partnership business.
8.Creating provision for bad debts.
9.Began the business by depositing some amount in the company bank account.
10.Issue new shares previously authorized but not issued.
3 Approaches To Collect Past Due Accounts
Are you struggling to collect outstanding receivables from your customers? Unless you hire a commercial collection agency to handle your debt collections, then you basically have 3 options to start collecting.
3 Ways To Collect Past Due Accounts Receivable Send Debt Collection Letters – Most creditors mail either past due notices or collection letters to their delinquent customers. Either one can be effective and, in many cases, these simple reminders are all that is needed to prompt your customer to pay. Be sure to include pertinent details to increase the likelihood that your customer will pay. Tell them who to contact with questions and where to send their payment. Most importantly, reference the total amount due and the due date. Sample collection letters can be found on the internet if you’re not sure where to get started..
Make Collection Calls – Debt collection calls may be made on their own or in addition to sending collection notices. Depending upon the relationship with your customer, picking up the phone as soon as an account becomes past due may be preferred over simply sending a letter. You don’t necessarily need to be aggressive with your collection calls, especially when making initial contact with the debtor. Prepare yourself before picking up the phone. Although you are unable to plan how the conversation will go, you can be prepared by anticipating the numerous excuses your customer could have for not paying. Have account details handy to answer any specific questions. And do your best to get a commitment for payment during the conversation..
Demand Payment Via Email – An alternative to mailing debt collection letters, is sending a letter of demand via email. Similar to other methods, the email does not necessarily need to be formal or even aggressive. For the initial contact, a simple and friendly payment reminder is probably appropriate....account collection debt receivable - News
|
10-K: STEN CORP We do not accrue interest on past due loans receivable. Loans are written off only after all collection attempts have failed and are based on individual |
|
10-K: POWER AIR CORP We believe that our critical accounting policies and estimates include the accounting for accounts receivable, marketable securities and long-lived assets |
|
An IT Project Leader - Кариери An IT Project Leader Codix is a key player on the IT solution market for Factoring/Commercial Finance, Debt Collection, Legal and Account Receivable, Leasing. |
|
Law Firm Sues Collection Agency for Allegedly Violating Charity ... - InsideARM Law Firm Sues Collection Agency for Allegedly Violating Charity debt is in collection. It claims that the agency systematically told patients they were not charity care-eligible once their account was in collection. |
|
Cortez Masto audited - Reno News & Review Cortez Masto audited Townsend said the bad debt figure would probably be in the thousands, not the millions. The report said Attorney General “fiscal staff removed 12 receivable |
