Use the Table to Find the Monthly Checking-Account Service Charge

question 1

Multiple Choice

Use the table to find the monthly checking-account service charge for the account.
-Value Dry Cleaners, 81 checks, average balance $7,585

• A)$8.10
• B)$5.00
• C)$0
• D)$13.10

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Definitions:

T Account

A T Account is a visual representation used in accounting to depict the debit and credit transactions affecting a particular account.

Credit Side

The credit side of an account in double-entry bookkeeping is where decreases in assets or expenses or increases in liabilities, equity, and income are recorded.

Debit Side

The left side of an account or transaction, used to record increases in assets, expenses, and dividend accounts, and decreases in liability, equity, and revenue accounts.

Double-Entry Accounting

An accounting method where every financial transaction is recorded in at least two accounts: one with a debit and one with a credit.