Which of the following would result in a credit made to depositor's bank account?Select answer from the options belowEFT for accounts receivablebank service chargesEFT for accounts payablecheques marked NSF
Question
Which of the following would result in a credit made to depositor's bank account?Select answer from the options belowEFT for accounts receivablebank service chargesEFT for accounts payablecheques marked NSF
Solution
The correct answer is "EFT for accounts payable".
Here's why:
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EFT for accounts receivable: This would result in a debit to the depositor's bank account because the depositor is receiving money.
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Bank service charges: This would also result in a debit to the depositor's bank account because the bank is charging the depositor for a service.
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EFT for accounts payable: This would result in a credit to the depositor's bank account because the depositor is paying money to someone else. When you pay money, your bank account is credited.
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Cheques marked NSF (Non-Sufficient Funds): This would result in a debit to the depositor's bank account because the depositor does not have enough money in their account to cover the cheque.
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