Cash Control Systems. 2 12. Checking accounts Pages 119 - 121 Checking account– a bank account from which payments can be ordered by a depositor Endorsement–

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Cash Control Systems

2 12. Checking accounts Pages Checking account– a bank account from which payments can be ordered by a depositor Endorsement– a signature or stamp on the back of a check transferring ownership Blank endorsement– only consist of endorser’s signature Special endorsement– an endorsement indicating a new owner of the check Restrictive endorsement – an endorsement restricting further transfer of a check’s ownership

3LESSON 5-1 ENDORSEMENTS page 120 Blank Endorsement Special Endorsement Restrictive Endorsement

4 Preparing a check Page Write the date (month, day, year) Postdated check – a check with a future date on it 2.Write to whom the check is to be paid 3.Write the amount in figures following $ 4.Write the amount in words before the word Dollars 5.Write the purpose of the check following the word For 6.Sign the check

5 Preparing a check stub Page Write the amount of the check 8.Write the date (month, day, year) 9.Write to whom the check is to be paid 10.Record the purpose of the check 11.Write the amount of the check following amt this check 12.Calculate the new checking account balance

6LESSON Record the date. 2.Write the word VOID in the Account Title column 3.Write the check number. 4.Place a check mark in the Post. Ref. column. 5.Place a dash in the Cash Credit column. RECORDING A VOIDED CHECK page

7 13. Bank Reconciliation Pages Bank statement– a report with deposits, withdrawals, and bank balances sent to a depositor by a bank Code of conduct – a statement that guides the ethical behavior of a company

8LESSON Bank Statement Balance BANK STATEMENT RECONCILIATION Adjusted Bank Balance page Check Stub Balance 10.Compare Adjusted Balances 1.Date 3.Service Charge 4.Adjusted Check Stub Balance 6.Outstanding Deposits 7.Subtotal 8.Outstanding Checks 10

9LESSON 5-2 RECORDING A BANK SERVICE CHARGE ON A CHECK STUB page 126

10LESSON 5-2 JOURNALIZING A BANK SERVICE CHARGE 1.Date. Write the date. page August 31. Received bank statement showing August bank service charge, $8.00. Memorandum No Debit. Write the title of the account to be debited. Record the amount debited. 3.Credit. Record the amount credited. 4.Source document. Write the source document number.

Dishonored Checks & Electronic Banking Pages Dishonored check– a check that a bank refuses to pay Electronic funds transfer (EFT) – a computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents Debit card – a bank card that automatically deducts the amount of a purchase from the checking account

12LESSON 5-3 RECORDING A DISHONORED CHECK ON A CHECK STUB page 129

13LESSON 5-3 JOURNALIZING A DISHONORED CHECK 1.Date. Write the date. page November 29. Received notice from the bank of a dishonored check from Campus Internet Café, $70.00, plus $35.00 fee; total, $ Memorandum No Debit. Write the title of the account to be debited. 3.Credit. Write the amount credited. 4.Source document. Write the source document number. 2

14LESSON 5-3 JOURNALIZING AN ELECTRONIC FUNDS TRANSFER 1.Date. Write the date. page 131 September 2. Paid cash on account to Kelson Enterprises, $350.00, using EFT. Memorandum No Debit. Write the title of the account to be debited. Record the amount debited. 3.Credit. Record the amount credited. 4.Source document. Write the source document number.

15LESSON 5-3 JOURNALIZING A DEBIT CARD TRANSACTION 1.Date. Write the date. page 132 September 5. Purchased supplies, $24.00, using debit card. Memorandum No Debit. Write the title of the account to be debited. Record the amount debited. 3.Credit. Record the amount credited. 4.Source document. Write the source document number.

Petty Cash Pages Petty cash – an amount of cash kept on hand and used for making small payments Petty cash slip – A form showing proof of a petty cash payment

17LESSON 5-4 ESTABLISHING A PETTY CASH FUND 1.Date. Write the date. page 134 August 19. Paid cash to establish a petty cash fund, $ Check No Debit. Write the title of the account to be debited. Record the amount debited. 3.Credit. Record the amount credited. 4.Source document. Write the source document number.

18LESSON 5-4 REPLENISHING PETTY CASH 1.Date. Write the date. page August 31. Paid cash to replenish the petty cash fund, $30.00: miscellaneous expense, $20.00; advertising, $ Check No Source document. Write the source document number. 3.Credit. Record the amount credited. 2.Debit. Write the title of the first account to be debited. Write the amount to be debited. Write the title of the second account to be debited. Record the amount to be debited.