Carmen is making an interbank transfer of $1,500 from Bank A to Bank B to cover an overdraft. What is the effect of entering this transaction in Transfer within QuickBooks? Select an answer: It records the transfer she made. It instructs Bank A to transfer the funds. It informs Bank B that the funds are on the way.

On the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.

Matching Question Match the banking term on the left with its definition on the right. Drag and drop application. Deposit ticket Deposit ticket drop zone empty. Check Check drop zone empty. Bank account Bank account drop zone empty. Remittance advice Remittance advice drop zone empty. Electronic funds transfer Electronic funds transfer drop zone empty. Lists currency, coins and checks deposited into an account Explains the reason for payment Used to deposit money for safekeeping and help control withdrawals. A document signed by the depositor instructing the bank to pay a specified amount of money Electronic transfer of cash from one party to another

Which of the following is true of EFT? It is easy to document purchase and sale transactions. It means Effective Funds Transfer. It cost more than receiving cash payments through the mail. It can process certain cash transactions at less cost than by using the mail.