I need the answer as soon as possible A check was presented to be collected in favor of the customer. Ahmedhas a savings account in the amount of 150,000 on one person.He has a credit current account in another branchA) 150000 from h/savings 2521 150000 to h/accounts) 0 currentdebit/private sector individuals 1437b) 150,000 from h/savings 2521 150,000 to h/accounts) 0Mutual City 163c) 150,000 from h/ mutual debit accounts 163 150,000 to) 0 h/ savings

Answered: A check was presented to be collected…

A check was presented to be collected in favor of the customer. Ahmed has a savings account in the amount of 150,000 on one person. He has a credit current account in another branch

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 2SEQ

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After reading the new account insert in his monthly statement, Tony Mercadante determined that the FDIC considers a joint account as a separate depositor. He and his wife, Cynthia, have three accounts at ABC Bank & Trust, one joint account with a balance of $61 comma 34561,345 and two individual accountslong dash—his has a $137 comma 454137,454 balance, and hers has a $252 comma 304252,304 balance. What amount of FDIC coverage do Tony and Cynthia have on their accounts? Question content area bottom Part 1 What amount of FDIC coverage do Tony and Cynthia have on their accounts? (Select the best answer below.) A. Tony's account balance of $137 comma 454137,454 is completely covered as is their joint account of $61 comma 34561,345; both accounts are under the $250,000 FDIC limit. Cynthia's account is over the insurance limit by $2 comma 3042,304, but is fully insured because they only have $61 comma 34561,345 in their joint account. B.…
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