Jeff Kaufman decides to bank with Paris First National Bank (PFN).He opens a checking account by depositing $1,000.According to the PFN balance sheet,after this initial $1,000 checkable deposit,there are $1,000 in

Question

Quizplus · Accepted Answer

When Jeff Kaufman deposited $1,000 in his checking account at PFN, the bank's reserves increased by $1,000 because they now hold more money in their vault. At the same time, Jeff Kaufman's account now has a balance of $1,000, which counts as checkable deposits on the bank's balance sheet. Therefore, the correct option is A) reserves and $1,000 in checkable deposits.

Jeff Kaufman Decides to Bank with Paris First National Bank