Corbin Company Has Two Checking Accounts

question 6

Multiple Choice

Corbin Company has two checking accounts.A special account is used for the weekly payroll only,and the general account is used for all other disbursements.Every week,a check in the amount of the net payroll is drawn on the general account and deposited in the payroll account.The company maintains a $5,000 minimum balance in the payroll account.On a monthly bank reconciliation,the payroll account should

• A) reconcile to $5,000.
• B) show a zero balance per the bank statement.
• C) show a $5,000 balance per the bank statement.
• D) be reconciled jointly with the general account in a single reconciliation.

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Definitions:

Perception

The process of interpreting sensory information, enabling us to recognize meaningful objects and events in our environment.

Crisis Intervention

Immediate and short-term psychological support aimed at assisting individuals in distress to restore balance and reduce the impact of a crisis situation.

Communication Technique

The method or strategy used to convey information effectively between individuals or groups.

Traditional Counseling

A form of therapy involving conversations with a trained professional to address emotional and psychological challenges.