How does Online Funds Transfer affect John's accounts?
What is the impact of the Online Funds Transfer - From Savings that appears on John's statement?
John's Savings account balance declined by $50 and his Checking account balance increased by $50.
Impact of Online Funds Transfer on John's Accounts:
The correct statement that describes the impact of the Online Funds Transfer - From Savings on John's statement is: John's Savings account balance declined by $50 and his Checking account balance increased by $50. This means that $50 was transferred from John's Savings account to his Checking account through an online funds transfer. As a result, the balance in John's Savings account decreased by $50, indicating a reduction in the amount of money he has saved. Conversely, the balance in John's Checking account increased by $50, reflecting the additional funds transferred into the account. This transaction represents a transfer of funds between the two accounts, resulting in a decrease in savings and an increase in checking.
Explanation:
Online Funds Transfer has a direct impact on John's Savings and Checking accounts. When $50 is transferred from Savings to Checking, Savings account balance decreases by $50 while Checking account balance increases by $50. This transfer of funds results in a decrease in savings and an increase in the checking account balance. It is essential for John to keep track of such transactions to maintain a proper balance between his accounts.