Question

When preparing a bank deposit which of the following is a best practice?

Select one:

a. Group all customer payments with the same payment method together in one deposit

b. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit

c. Deposit all customer payments one at a time using the Bank Deposit form

d. Leave payments in the undeposited funds account

To account for an insufficient funds check from a customer using a credit memo, you must use a service item for the bounced check. What account would you select for the income accountwhen setting up the bounced check service item?

Select one:

a. Cost of Goods Sold

b. Checking

c. Accounts Receivable

d. Bank Fee

Answer 1

Answer :-

1. Preparing a bank deposit the best practice is:-

Option 'A' - Group all customer payment with the same payment method together in one deposit method.

2. The account that os select foe the income account when setting up thw bounce check service iteam :-

Option 'C' - Accounts Receivable