Question

18) The Undeposited Funds account contains: A) Only partial payments received from customers B) Funds received...

18) The Undeposited Funds account contains:

A) Only partial payments received from customers

B) Funds received from customers but not deposited in the bank

C) Funds the company owes vendors

D) Petty Cash funds

Business   Accounting   
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Homework Answers

Answer #1

B) Funds received from customers but not deposited in the bank

Explanation:

In certain cases, you would receive money from your customers which needs to be deposited into bank accounts. The Undeposited Funds account is used to track and record such amounts.

Both the Undeposited Funds and Petty Cash accounts are used to record cash related transactions. However, the Petty Cash account is used exclusively to record daily expenses or income from business operations.

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