Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac

Exercise 47

Checking accounts are a common form of deposits for banks. Assume that Surety Storage has a checking account at Ada Savings Bank. What type of account (asset, liability, owner's equity, revenue, expense, drawing) does the account balance of $11,375 represent from the viewpoint of (a) Surety Storage and (b) Ada Savings Bank