Undeposited Funds represents __________.
A)cash sales
B)cash or checks received from customers but not yet deposited in the bank
C)the balance of the accounts receivable account
D)income earned in a previous year

Question

Quizplus · Accepted Answer

Undeposited Funds account is used to record cash or checks received from customers that have not yet been deposited into the bank. This account acts as a temporary holding place for these funds until they are deposited.

Undeposited Funds Represents __________