The checking account is a general ledger account that should show a zero balance after both the debit for gross pay earned by workers and the credit for gross pay distributed to jobs have been posted to the account.

Question

Quizplus · Accepted Answer

A checking account typically reflects the cash balance of a business and should not necessarily show a zero balance after payroll transactions. The zero balance concept applies to payroll clearing accounts, not checking accounts.

The Checking Account Is a General Ledger Account That Should