Checking Accounts
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank is called a
Bank statement
The person authorized to make payments from the petty cash fund and prepare petty cash slips is called the
Custodian
The process of verifying that the cash balance per the bank and the company’s records are in agreement is called a
Bank reconciliation
proof of the cash on hand with the amount spent per the petty cash slips is called a _________
Petty Cash report
Deposits _____the balance and checks _______ the balance
Add, subtract
a deposit that has been made by the company but has not cleared the bank as of the statement date.
_____to the _____balance
A form showing proof of a petty cash payment is called a _________
Petty Cash Slip
A bank form that lists the checks, currency, and coins an account holder is adding to the bank account is called a
Deposit slip
checks that have been written by the company but has not cleared the bank as of the statement date.
_____ from the ____ balance
outstanding checks, subtract, bank
What is the journal entry to establish a petty cash fund of $200.
Debit Petty Cash, Credit Cash
Describe the difference between a voided and canceled check
Voided- Mistake, canceled= completed/ cashed
List the 4 items that could be on the book side of a bank reconciliation and their impact on the book (check stub) side
Interest (adds), NSF (subtracts), service charge (subtracts), errors (either)
Paid cash to establish a petty cash fund, $350.00. Check No. 612
Petty cash receipts supported payment of:
$96.00 for office supplies
$128.00 for travel expense
$24.00 for postage expense
Actual amount of cash in the petty cash box is $104.00.
2. April 30: Replenish the petty cash fund
Put on Board