When a customer deposit is recorded using the Make Deposits window, behind the screen QuickBooks converts the transactions into a journal entry that: Group of answer choices A. Debits Checking account, Credits Undeposited Funds B. Debits Accounts Receivable, Credits Checking account C. Credits Checking account, Debits Undeposited Funds D. Debits Checking account, Credits Accounts Receivable

Question

Oneill

Business

14 October, 08:45

When a customer deposit is recorded using the Make Deposits window, behind the screen QuickBooks converts the transactions into a journal entry that: Group of answer choices A. Debits Checking account, Credits Undeposited Funds B. Debits Accounts Receivable, Credits Checking account C. Credits Checking account, Debits Undeposited Funds D. Debits Checking account, Credits Accounts Receivable

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Answers (2)

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Silas Payne · Answer 1

Answer: D. Debits Checking account, Credits Accounts Receivable.

Explanation: Account receivable, when cash payment is received from a debtor cash increase and the amount in account receivable decreased. In recording the transaction cash is debited and account receivable is credited.

Checking account is a deposit account held by business organization at a financial institution that allows deposits and withdrawal. Checking accounts are very liquid and can be accessed using ATM, cheque and debit cards.

Mariam Andrews · Answer 2

C. Credits Checking account, Debits Undeposited Funds.

Explanation: QuickBooks is a small business accounting software program businesses use to manage income and expenses and keep track of the financial health of their business. You can use it to invoice customers, pay bills, generate reports, and prepare for taxes.