Using the T-accounts of the First National Bank and the Second National Bank, describe what happens when Jane Brown writes a check for $75 on her account at the First National Bank to pay her friend Joe Green, who in turn deposits the check in his account at the Second National Bank. T-account for the First National Bank:

Question

Makaila Fletcher

Business

11 June, 06:33

Using the T-accounts of the First National Bank and the Second National Bank, describe what happens when Jane Brown writes a check for $75 on her account at the First National Bank to pay her friend Joe Green, who in turn deposits the check in his account at the Second National Bank. T-account for the First National Bank:

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Ben Bowers · Answer 1

Answer:Using the double entry principle, input the transaction considering the positive and negative reflection and using the reserves and checkable account

Explanation:T-account for the First National Bank:

Assets reflect negative 75in reserves; liabilities reflect negative 75 in checkable deposits.

T-account for the Second National Bank:

Assets reflect positive 75in reserves; liabilities reflect positive 75 in checkable deposits