Accounting Ch. 5
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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
- stop payment
- insufficient funds
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
- credit cash
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