Asked by Haley Althaus on May 13, 2024
Verified
Joe writes a check payable to Advanced Autos.The check is drawn on his checking account with Progressive Bank.The drawee on this check is:
A) Joe.
B) Progressive Bank.
C) Advanced Autos.
D) the Federal Reserve.
Drawee
The party, typically a bank, on whom a check or draft is drawn and is responsible for paying the amount specified.
Checking Account
A bank account that allows for the deposit and withdrawal of funds, typically using checks, debit cards, and electronic transfers, intended for daily transactions.
- Comprehend the meaning and functions of entities engaged in check transactions, including the drawer, drawee, and payee.
Verified Answer
RF
Renee FromwillerMay 18, 2024
Final Answer :
B
Explanation :
A draft has three parties to it: one person (known as the drawer)orders a second person (the drawee)to pay a certain sum of money to a third person (the payee),to a person specified by that person,or to bearer.
Learning Objectives
- Comprehend the meaning and functions of entities engaged in check transactions, including the drawer, drawee, and payee.