When an account previously written off is later collected, two journal entries are required. The first journal entry is to the account, and the second journal entry is to record of payment.

Banks offer services such as checking and savings accounts. what do banks do with most of the money they receive in deposits from customers? a) they loan it out to other customers. b) they spend it on new banks in other places. c) they keep it in a locked, secured vault in the bank. d) they send it to the federal reserve in washington, d. c.