A bank account from which payments can be ordered by a depositor.
What is checking account
100
Which accounts are affected? Received bank statement showing bank service charge.
What is Misc. Expense and Cash?
100
True or False/Why - A petty cash report is completed at the end of each business day
What is False - the petty cash report is always replenished at the end of the month.
100
A bank form which lists the checks, currency, and coins an account holder is adding to the bank account.
What is deposit slip?
100
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
What is electronic funds transfer?
200
A check that a bank refuses to pay.
What is dishonored check?
200
Which accounts are affected? Received notice from the bank of a dishonored check from J. Erlandson
What is Accounts Recievable - J. Erlandson and Cash?
200
True or False/Why - An outstanding check is one that has not yet been issued.
What is False - an outstanding check is a check that has been issued by the depositor but not yet reported on the bank statement,
200
An endorsement consisting only of the endorser's signature.
What is blank endorsement?
200
Which accounts are affected? Paid cash to establish a petty cash fund.
What is Petty Cash and Cash?
300
A signature or stamp on the back of a check, transferring ownership.
What is an endorsement?
300
Which accounts are affected? Paid cash on account to Fargo Supplies using EFT.
What is Accounts Payable - Fargo supplies and Cash
300
True or False/Why - The journal entry for a payment on account using electronic funds transfer is exactly the same as when the payment is made by debit card.
What is true? Yes, cash is still being taken out of the business to make a payment.
300
A check with a future date on it.
What is postdated check?
300
True or False/Why - The purpose of a petty cash fund is to make small cash payments without writing checks.
What is true?
400
A petty cash on hand amount that is less than a recorded amount.
What is cash short?
400
Which accounts are affected? Purchased supplies using a debit card.
What is Supplies and Cash?
400
True or False/Why - Because cash transactions occur more frequently than other transactions, there is more chance for making recording errors affecting cash.
What is true? You must PROVE cash.
400
A check that cannot be processed because the maker has made it invalid.
What is voided check?
400
True or False/Why - The source document for an electronic funds transfer is a check number.
What is false - it is a memorandum.
500
An amount of cash kept on hand and used for making small payments.
What is petty cash?
500
Which accounts are affected? Paid cash to replenish a petty cash fund: $50.00; supplies, $35.00; miscellaneous expense, $14.00; cash short, $1.00.
What is Supplies, Cash Short and Over,Misc. expense and Cash?
500
True or False/Why - When a deposit is made in a bank account, the bank issues a check.
What is false - the bank gives the depositor a deposit slip?
500
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.