Question

Which of the following would appear in the credits column of a bank statement for a checking account

Answer 1

Answer:

Interest

Explanation:

a.p.e.x

Answer 2

The interest earned will appear in the credits column of a bank statement for a checking account.

Explanation:

It is considered as credit since the current asset or income earned from the deposit of your account. The bank pays the interest of you have earned from the money in your account and it is same for your savings account.

The two accounts are always affected by transactions in which one of the entries must be debit and other must be credit of equal amount. The double entry accounting system provides the system of checks and balances.

By adding all the credits and debits and comparing their totals we can detect and correct the common types of error.

In accounting if the transaction of the company's checking account to be credited then the balance decreases.