3. You are reviewing the account balances on the balance sheet in QBO at the end of January 20x1. The balance on the balance sheet for the checking account seems low to you. You know that you have personally taken all the checks and cash to the local bank and deposited them. Your company does not accept credit card payments at this time from customers. Based on the partial balance sheet below, what might be a reason your checking account balance in QBO appears low?

Student Company Balance Sheet As of January 31, 20x1 Total ASSETS 100 Checking 120 Accounts Receivable 130 Inventory Asset 135 Prepaid Insurance 150 Undeposited funds Total Current Assets Fixed Assets 180 Computer Equipment 189 Accumulated Depreciation Total Fixed Assets TOTAL ASSETS 7,000.00 950.00 4,425.00 1,200.00 500.00 $ 14,075.00 5,000.00 -100.00 $ 4,900.00 $ 18,975.00