what will be the journal entry of opened bank account with cheque from savings accountplz reply ASAP
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Explanation:
Explanation: In this question the cash that is being deposited to the firm will be debited as the bank account will increase due to the income of money.
Answered by
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Since the physical cash is held by the firm at the point of depositing we will credit the cash account denoting the reduce when we deposit the cash into the bank this journal entry is an example of a simple transfer of funds from one account to another account.
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