Accounting Ch. 5
Card Set Information
Accounting Ch. 5
vocab and stuff
a business form ordering a bank to pay cash from a bank account
a bank account from which payments can be ordered by a depositor
When a check account is opened?
the bank customer must provide a signature on a signature card for the bank's records
a bank customer prepares a ______ ____ each time cash or checks are placed in a bank account
what differs from bank to bank?
All bank slips contain?
identity of bank
endorsing a check?
signing a check
a signature or stamp on the back of a check transferring ownership
an endorsement consisting only of the endorser's signature
an endorsement indicating a new owner of a check
example of special endorsement?
pay to the order of and name of the new check owner
restricts further transfer of a check ownership
a report of deposits, withdrawals, and bank balances sent to a depositor by a bank
When a bank receives a check, the amount of each check is?
deducted from the depositer's account
are returned to a depositer with a bank statement
A service charge is a ?
a check that a bank refuses to pay
Why would a bank dishonor a check?
check was altered
signature doesn't match
amts dont agree
check is postdated
When money cant be recovered, it becomes an?
Petty cash is an ?
goes up on debit
down on credit
an amount kept on ahnd for small payments
proof of petty cash payment and kept in box until fund is replinished
petty cash slip
To establish a petty cash fund?
debit petty cash, credit cash
The only time you use the words "petty cash" in the general journal is when you?
establish a petty cash fund
to replenish petty cash?
debit 2 expenses