Question
You have received 10 checks in the mail from customers. You have recorded the payment for each of these checks in QBO against the appropriate
You have received 10 checks in the mail from customers. You have recorded the payment for each of these checks in QBO against the appropriate customer invoice. Later that day you take all 10 checks to the bank and record the Bank Deposit. Describe how the Undeposited Funds and Checking Accounts are impacted by the steps described above.\ \ Select one:\ a. There would be 10 entries increasing the balance in the undeposited funds account, 1 entry decreasing the undeposited funds account and 1 entry increasing the checking account.\ b. There would be 1 entry increasing the balance in the undeposited funds account, 1 entry decreasing the undeposited funds account and 1 entry increasing the checking account.\ c. There would be 10 entries increasing the balance in the undeposited funds account, 10 entries decreasing the undeposited funds account and 1 entry increasing the checking account.\ d. There would be 10 entries increasing the balance in the undeposited funds account, 10 entries decreasing the undeposited funds account and 10 entries increasing the checking account.
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