Jeff Kaufman decides to bank with Paris First National Bank (PFN). He opens a checking account by depositing $1,000. According to the PFN balance sheet, after this initial $1,000 checkable deposit, there are $1,000 in:
A. reserves and $1,000 in checkable deposits.
B. liabilities and $2,000 in checkable deposits.
C. checkable deposits and $0 in assets.
D. assets and $0 in liabilities.
Answer: A
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