Answered

3.3.2 Quiz: Checking Accounts

Dora electronically transferred [tex]$\$[/tex]591.68$ from her checking account to Matt's checking account. In what column of the check register below should Dora record the amount of the transfer?

\begin{tabular}{|c|c|c|c|c|c|c|}
\hline \begin{tabular}{l}
Check \\
Number
\end{tabular} & Date & Description of Transaction & \begin{tabular}{l}
Payment/ \\
Debit ( - )
\end{tabular} & Fee & \begin{tabular}{l}
Deposit/ \\
Credit ( + )
\end{tabular} & Balance \\
\hline & & & & & & \\
\hline & & & & & & \\
\hline & & & & & & \\
\hline & & & & & & \\
\hline & & & & & & \\
\hline & & & & & & \\
\hline & & & & & & \\
\hline & & & & & & \\
\hline
\end{tabular}

A. Payment/Debit



Answer :

GinnyAnswer
When Dora electronically transferred [tex]$591.68 from her checking account to Matt's checking account, she essentially moved money out of her account. This type of transaction is considered a debit because it is a deduction from her balance. In a check register, transactions are typically categorized under specific columns. The columns usually include: - Check Number - Date - Description of Transaction - Payment/Debit ( - ) - Fee - Deposit/Credit ( + ) - Balance Since the $[/tex]591.68 transfer is money leaving Dora's account, it would be recorded under the "Payment/Debit ( - )" column. This column is used to keep track of any payments or withdrawals, including electronic transfers, that decrease the account’s balance.

Therefore, for this transfer, Dora should record the amount of $591.68 in the "Payment/Debit ( - )" column of her check register. This corresponds to column number 1 in the format provided.

Other Questions