Arkansas Real Estate Practice Exam

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What information must ledgers contain regarding each deposit of funds?

Amount, purpose, check number, deposit date, balance
Check number, deposit date, payer's name, ledger number
Deposit date, balance, payer's name, account number
Amount, ledger number, account number, payer's name

The correct answer is: Amount, purpose, check number, deposit date, balance

Ledgers contain records of financial transactions and should include important information such as the amount of funds deposited, the purpose behind the deposit, the check number, the date of the deposit, and the resulting balance. These details provide a comprehensive and accurate account of all deposits made into a specific account. The other options do not include all of the necessary information for proper record-keeping. Option B is missing the amount of funds deposited and option C is missing the check number. Option D is missing both the purpose behind the deposit and the check number. Therefore, option A is the best answer as it includes all necessary information for a complete and accurate ledger entry.