Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mookie the Beagle Concierge would like to move some cash from the Checking account to a Business Money Market account to ensure funds are available

image text in transcribedimage text in transcribed

Mookie the Beagle Concierge would like to move some cash from the Checking account to a Business Money Market account to ensure funds are available in the future for upcoming expected expenditures and earn a better return on the funds than a Checking account. Complete the following to record the transfer of funds from the Checking account to a Business Money Market account. Required: 1. Record a Transfer. a. Select (+) New icon > Transfer b. Select Transfer Funds From: 1001 Checking c. Select Transfer Funds To > select + Add new > Account Type: Bank > Detail Type: Money Market > Name: Money Market > Number: 1010> Save and Close d. Enter Transfer Amount: 10,000.00 e. Enter Date: 01/15/2023 f. Enter Memo: Transfer from Checking to Money Market Account g. Select Save and close h. After the transfer, what is the balance in the Money Market Account? Note: Answer this question in the table shown below. Round your answer 2 decimal places. 2. View the Transaction Journal for the Money Market account transfer. a. From the Navigation Bar, select Banking > Banking tab b. At the top of the Bank and Credit Cards screen, select 1001 Checking c. Select Go to bank register d. Select the entry in the Checking Account Register for the $10,000 Transfer to Money Market account > Edit e. From the bottom of the Transfer form, select More > Transaction Journal f. What are the Account and Amount Debited? Note: Answer this question in the table shown below. Round your answer 2 decimal places. g. What are the Account and Amount Credited? Note: Answer this question in the table shown below. Round your answer 2 decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fraud Auditing And Forensic Accounting

Authors: Tommie W Singleton, Aaron J Singleton, G Jack Bologna, Robert J Lindquist

4th Edition

ISBN: 047056413X, 9780470564134

More Books

Students also viewed these Accounting questions