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Checking accounts are a common form of deposits for banks. Assume that Surety Storage has a checking account at Ada Savings Bank. What type of account (asset, liability, owner’s equity, revenue, expense, drawing) does the account balance of $11,375 represent from the viewpoint of (a) Surety Storage and (b) Ada Savings Bank?
Financial Accounting
Solutions
Financial Accounting
Checking accounts are a common form of deposits for banks. Assume that Surety Storage has a checking account at Ada Savings Bank. What type of account (asset, liability, owner’s equity, revenue, expense, drawing) does the account balance of $11,375 represent from the viewpoint of (a) Surety Storage and (b) Ada Savings Bank?
(a)
Determine the type of account and the view point of S.
Explanation of Solution
An asset is a resource that is owned, and controlled by the company to generate a future economic benefit. The asset accounts usually have a normal balance of debit...
(b)
Determine the type of account and the view point of bank.
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