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Money, Banking, and the Federal Reserve System - End of Chapter Problem Tracy Williams deposits $500 that was in her sock drawer into a

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Money, Banking, and the Federal Reserve System - End of Chapter Problem Tracy Williams deposits $500 that was in her sock drawer into a checking account at the local bank. a. How does the deposit initially change the T-account of the local bank? Use the accompanying chart to illustrate the changes Assets Reserves-$500 Reserves +5500 Answer Bank Liabilities Checkable deposits-$500 Checkable deposits +$500

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