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1 month ago

Decide whether each situation is a checking account deposit or debit. Drag each situation to correct category.

Business

1 answer:

Nady [3.6K]1 month ago

0 0

The question lacks completeness:

Categorize each occurrence as either a deposit or a debit for a checking account. Place each scenario in its appropriate category.

-depositing a $100 gift check

-settling a utility bill via online payment

-getting an eft of earned wages

-issuing a check for groceries

-withdrawing $40 from an atm

Response:

-depositing a $100 gift check: deposit

-settling a utility bill via online payment: debit

-getting an eft of earned wages: deposit

-issuing a check for groceries: debit

-withdrawing $40 from an atm: debit

Rationale:

A checking account allows for both deposits and withdrawals. A deposit occurs when money is added to the bank account, whereas a debit signifies when funds are removed. Following this guideline, the classifications are as follows:

-depositing a $100 gift check: deposit because it increases the account balance

-settling a utility bill via online payment: debit as it reduces the account funds.

-getting an eft of earned wages: deposit due to the boost in balance.

-issuing a check for groceries: debit since it diminishes the account total.

-withdrawing $40 from an atm: debit because it lowers the account total.

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