Question

@ranga @lulu22 @amistre64

Which of these would appear in the Debits column of a bank statement for a checking account?

A. Direct deposit
B. Interest earned
C. A transfer of funds into an account
D. ATM withdrawal

Answer 1

is a checkng account an asset, or a liability?

Answer 2

asset?

Answer 3

id say its on the same lines as cash; so i would define its interactions in the same way.

increases on the debit (left)
decreases on the credit (right)

Answer 4

taking money out is therefore a bad option .... no withdrawls

Answer 5

transfering money is to vague ....

Answer 6

c

Answer 7

C is too vague to apply

Answer 8

and interest should really have its own account/setup

Answer 9

b

Answer 10

letters mean nothing to me. can you be more informative of what it is your trying to say?

Answer 11

yor speaking of interest

Answer 12

yes, i am speaking of interest having its own seperate account ... apart from checking. Interest should be incidental to any increase in checking

Cash ............................xx
Interest Earned ......................... xx


Checking ..................... xx
Cash .........................................xx

Answer 13

the only thing that really increase the checking account directly should be cash/cash equivalents