When a person deposits a check into her savings account,
A)she owes the bank money.
B)the bank owes her money.
C)no one owes anybody anything.The deposit is an asset to both the bank and the person.
D)no one owes anybody anything.The deposit is an asset to the person,but is neither an asset nor a liability to the bank.

Question

Quizplus · Accepted Answer

When a person deposits a check into their savings account, the bank owes the individual money because they are holding onto the funds and the individual has a right to withdraw the money at any time. This increases the bank's liability and the individual's asset.

When a Person Deposits a Check into Her Savings Account