When a Customer Deposits Cash into a Checking Account, He

question 54

True/False

When a customer deposits cash into a checking account, he or she becomes a debtor for the amount deposited.

---

Definitions:

Cash Conveyed

The transfer of cash from one party to another, often used in the context of financial transactions or payments.

Beneficiary

An individual or entity entitled to benefits or proceeds from an insurance policy, will, or trust.

Journal Entry

An individual record in an accounting journal that documents a specific financial transaction.