Question 8 (1.4 points) At the clearinghouse, Bank X has $300 in checks drawn on

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Question 8 (1.4 points) At the clearinghouse, Bank X has $300 in checks drawn on Bank Y and Bank Y has $200 in checks drawn on Bank X. How does the clearinghouse settle the accounts The clearinghouse pays Bank X $300 and Bank Y $200 and then the banks get together and settle the accounts The clearinghouse credits Bank Y's account for $100 and debits Bank X's account for $100. The clearinghouse debits Bank Y's account for $100 and credits Bank X's account for $100 Settlement is not possible since the amount of checks is different between the banks. Save

Explanation / Answer

the clearing house debits bank Y's account for $ 100 and credits bank X's account for $ 100 .

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