Deposit for CD
I need to set up a CD (I assume a long term asset) and deposit a check from checking account to this. Is this the right way to do it?
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07/24/08 1:57am PDT
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First set up an account called Marketable Securities [current asset].
Then dependent on how you fund the CD, you'll either write a check [to the company] from the checking account to the marketable securities account, or you'll do a "transfer funds" transaction if you're doing it electronically.
No matter how you record the transaction, the end result should be:
Dr. Marketable Securities XX.XX
Cr. Checking Acct XX.XX
