Chapter 5, Section 1 Checking Accounts

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Presentation transcript:

Chapter 5, Section 1 Checking Accounts Cash Control Systems Chapter 5, Section 1 Checking Accounts

How Businesses Use Cash Cash transactions occur most frequently. Cash is easily transferred. Good cash control system is crucial! Businesses use a checking account so they have a written record.

Depositing Cash Complete a deposit slip Checks listed in order of bank routing number

Deposit Recorded on a Check Stub

Endorsing Checks Endorsement – Signature or stamp on back of check transferring ownership Confined to limited amount of space Should be signed exactly as the person’s name appears on the front of the check Endorsement is a signature of stamp on the back of a check transferring ownership. Should be endorsed exactly as the name appears on the check. Should be written in ink and in the space indicated. Blank Endorsement is most common. Restrictive Endorsement should be used if mailing a deposit or if endorsing a check before going to the bank.

Types of Endorsements Blank Endorsement Special Endorsement Endorser’s signature only Special Endorsement Indicates new owner of a check Restrictive Endorsement Restricts further transfer of ownership

When a Business Pays Cash Two parts: check stub and check Check stub is always completed first Check stub is the bank’s record of each check written (CONCEPT: Objective Evidence)

Preparing a Check Stub 1. Write the amount of the check. 2 3 2. Write the date of the check. 4 3. Write to whom the check is to be paid. 4. Record the purpose of the check. 5. Write the amount of the check. 5 6. Calculate the new checking account balance. 6

Preparing a Check 7. Write the date. 10. Write the amount in words. 8 9 10 11 12 7. Write the date. 10. Write the amount in words. 8. Write to whom the check is to be paid. 11. Write the purpose of the check. 12. Sign the check. 9. Write the amount in figures.

Voided Checks What do you do if you make a major error when writing a check? Write “VOID” on stub and check then file. Record an entry in the journal.

Assignment Work Together (Textbook pg. 123) Log in to Aplia.com Application 5-1 (Textbook pg. 140) Chapter 5 Study Guide