The First Bank to Receive a Check for Collection Is

question 20

Multiple Choice

The first bank to receive a check for collection is the:

• A) depositary bank.
• B) drawee bank.
• C) payor bank.
• D) intermediary bank.

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Definitions:

Credit

An accounting entry that either decreases assets or increases liabilities and equity on a company's balance sheet, depending on the transaction.

Cash Account

An account recording all transactions involving cash, including receipts and payments.

Credit

A bookkeeping entry that represents a decrease in assets or an increase in liabilities, or it can refer to the provision of goods or services in exchange for future payment.

T Account

A graphical representation of a ledger account, used in accounting to depict debits and credits.