Fabiola is an accountant with Rovers and Associates, a law firm in downtown Memphis. The firm maintains a checking account with Portris Bank for its operating expenses. On the 7th of every month, Fabiola gets an inventory report from the office manager listing the office supplies that are needed. Fabiola places the appropriate orders with Office Depot and writes them a check against the office's checking account. In the above banking transaction, Rovers and Associates is the ________.

Question

Quizplus · Accepted Answer

Rovers and Associates is the entity that initiates the banking transaction by writing a check against their checking account. Therefore, they are considered the drawer. The payee would be Office Depot, who receives the check, and the drawee would be Portris Bank, which is responsible for honoring the check and transferring the funds from Rovers and Associates' account to Office Depot's account. The term "indorser" refers to a person or entity that endorses a check, which does not apply in this scenario.

Fabiola Is an Accountant with Rovers and Associates, a Law