Liabilities on balance sheet of agency
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"The company is set up like paypal. They are just the go between for the victim and the company paying out the restitution. I think it may be recorded as a credit to notes payable"
Do you agree that notes payable will be credited for this transaction? Why or why not?
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Solution Summary
The solution discusses the categorization of liabilities on the balance sheet of an agency that handles pass through funds to victims.
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Agreed that your company and PayPal are both collection agents to effect transfers of money between parties to a transaction. ...
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