If a credit card is closed it cannot have a balance. Just because you have stopped using the ard you cannot declare the account closed. If you owe even one penny, the account is open and the credit card company can 'report a 30 day late'
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
When your Amazon account is closed, the credit card info that is associated with the account will not be kept by the company and will be deleted also.
Capital account has credit balance as a normal balance of account as it is the amount company requires to return back to it's owner at the time of liquidation.
No
Yes, until the account balance is paid in full.
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
It means that the account was closed by the company that granted the loan or credit. An example would be Chase closing a customers credit card (with or without a balance) due to inactivity, poor account performance, or due to a decline in the customers financial health.
You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
Company Closed account
When your Amazon account is closed, the credit card info that is associated with the account will not be kept by the company and will be deleted also.
No, However it may be possible to pay off your debt with a credit card.
Not if you ask them to close it in writing and you have NO balance.
The 'balance' of his statement is the monetary value of his account with the credit card company. In this case it is the amount he owes the company.
Capital account has credit balance as a normal balance of account as it is the amount company requires to return back to it's owner at the time of liquidation.