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DEFINITIONA report of deposits, withdrawals,
and bank balances sent to a depositor by a bank.
BANK STATEMENT
DEFINITIONAn endorsement consisting
only of the endorser’s signature.
BLANK
DEFINITIONA bank account from which
payments can be ordered by a depositor.
CHECKING ACCOUNT
DEFINITIONA statement that guides the
ethical behavior of a company and its employees.
CODE OF CONDUCT
DEFINITIONA bank card that, when making
purchases, automatically deducts the amount of the purchase from
the checking account of the cardholder.
DEBIT CARD
DEFINITIONA check that a bank refuses to
pay.
DISHONORED CHECK
DEFINITIONA computerized cash payments
system that transfers funds without the use of checks, currency, or other paper
documents.ELECTRONIC FUNDS
TRANSFER
DEFINITIONA signature or stamp on the back of a check transferring
ownership.
ENDORSEMENT
DEFINITIONAn amount of cash kept on hand and used for making
small payments.
PETTY CASH
DEFINITIONA form showing proof of a
petty cash payment.
PETTY CASH SLIP
DEFINITIONA check with a future date
on it.
POST DATED CHECK
DEFINITIONAn endorsement restricting further transfer of a check’s
ownership.
RESTRICTIVE ENDORSEMENT
DEFINITIONAn endorsement indicating a
new owner of a check.
SPECIAL ENDORSEMENT
Ownership of a check can or can not be transferred.
CAN
Voided checks should be recorded in the _______.
JOURNAL
Using a memorandum as the source document for a dishonored check is an
application of the accounting concept _______ _______.
OBJECTIVE EVIDENCE
The petty cash fund is a/an _______ (account classification) with a normal ______ balance.
ASSET
DEBIT
When petty cash is replenished, _____ is debited
and Cash is credited.
EACH ACCOUNT THAT IS BEING REPLENISHED
A check with a _____ endorsement can be cashed
by anyone who has the check.
BLANK
An _______ check is one that has been issued but not yet
reported on a bank statement by the bank.
OUTSTANDING
A bank requires that the signature of the person
authorized to sign checks be on the ________ card.
SIGNATURE
The source document for an electronic funds transfer is a
____________.
MEMORANDUM
The source document for a debit card purchase is a _______.
MEMORANDUM
Each time cash or checks are placed in a bank account, the
customer prepares a _______.
DEPOSIT SLIP
An endorsement on the back of a check consisting only of a
signature is a ________ endorsement.
BLANK
A lost check with a blank endorsement on it can be
cashed by ________.
ANYONE WHO HAS
THE CHECK
An endorsement on the back of a check consisting of the words
“Pay to the order of” and a new check owner’s name is a _________ endorsement.
SPECIAL
An endorsement on the back of a check indicating that the check is to be accepted for deposit only is
a _______ endorsement.
RESTRICTIVE
What do you do if any kind of error is made in preparing a
check?•PREPARE A NEW CHECK
•WRITE “VOID” ON THE CHECK STUB•WRITE “VOID” ON THE CHECK
•ALL OF THE ABOVE
The entry to establish a $200 Petty Cash fund is:
Debit _______ for $200Credit _______ for $200
PETTY CASH
CASH
A petty cash fund is always replenished _______.
AT THE END OF THE MONTH
The bank statement shows a checking account balance of
$5,500. There are outstanding checks totaling $600, and
outstanding deposit of $400, and a bank service charge of
$15. The Cash account balance should be ________.
$5,300$5,500 – 600 + 400 = $5,300Service Charge is already on bank statement so no math is
calculated. You record that amount in your register.