When should you use Add other funds to this deposit grid in a Deposit Transaction? Identify 3 correct options. (Select all that apply) (A) When an employee reimburses the company (B) You receive a tax refund from the IRS (C) You need to record an ACH payment of a customer invoice (D) When a company doesn't record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts To record the payment of a Vendor Bill

Question

Carissa Parks

Business

31 March, 04:28

When should you use Add other funds to this deposit grid in a Deposit Transaction? Identify 3 correct options. (Select all that apply) (A) When an employee reimburses the company (B) You receive a tax refund from the IRS (C) You need to record an ACH payment of a customer invoice (D) When a company doesn't record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts To record the payment of a Vendor Bill

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Answers (1)

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Jairo Hatfield · Answer 1

(A) When an employee reimburses the company

(B) You receive a tax refund from the IRS

(D) When a company doesn't record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts

Explanation:

The three options are -

Option A is correct as the employee repays the company so that the funds to this deposit will be added to the deposit transaction.

Option B is correct as the employee or an individual will get the tax refund from the IRS which can be deposited to the deposit grid.

Option D is correct as it is recorded to income accounts directly as deposits.

Any payment cannot be added as deposit. Therefore, option C is incorrect.