CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 LESSON 5-1 Checking Accounts
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Checking Accounts.
Dec 22, 2015
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 5-1LESSON 5-1
Checking Accounts
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-1
DEPOSITING CASHDEPOSITING CASH page 119
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-1
DEPOSIT RECORDED ON DEPOSIT RECORDED ON A CHECK STUBA CHECK STUB page 119
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-1
ENDORSEMENTSENDORSEMENTS page 120
Blank EndorsementBlank Endorsement
Special EndorsementSpecial Endorsement
Restrictive EndorsementRestrictive Endorsement
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
5
LESSON 5-1
5. Write the amount of the check.
2. Write the date of the check.
3. Write to whom the check is to be paid.
4. Record the purpose of the check.
1. Write the amount of the check.
6. Calculate the new checking account balance.
COMPLETED CHECK STUBCOMPLETED CHECK STUB page 121
1122
33
44
5566
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-1
COMPLETED CHECKCOMPLETED CHECK
7. Write the date.
page 121
1111 1212
1010
9988
77
10. Write the amount in words.
8. Write to whom the check is to be paid.
9. Write the amount in figures.
11. Write the purpose of the check.
12. Sign the check.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-1
1. 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 CHECKRECORDING A VOIDED CHECK page 122
1122
3344
55
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 5-2LESSON 5-2
Bank
Reconciliation
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-2
5.Bank Statement Balance
BANK STATEMENT RECONCILIATIONBANK STATEMENT RECONCILIATION
1122
33
44
55
66
77
88
99
9.Adjusted Bank Balance
page 125
2.Check Stub Balance
10. Compare Adjusted Balances
1.Date
3.Service Charge4.Adjusted Check Stub Balance
6.Outstanding Deposits7.Subtotal8.Outstanding Checks 1010
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-2
1. Write Service Charge $8.00 on the check stub under the heading “Other.”
RECORDING A BANK SERVICE CHARGE RECORDING A BANK SERVICE CHARGE ON A CHECK STUBON A CHECK STUB page 126
11 22
33
2. Write the amount of the service charge in the amount column.
3. Calculate and record the new subtotal on the Subtotal line.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-2
JOURNALIZING A BANK SERVICE JOURNALIZING A BANK SERVICE CHARGECHARGE
1. Date. Write the date.
page 127
11 33
44
August 31. Received bank statement showing August bank service charge, $8.00. Memorandum No. 3.
22
2. 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.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 5-3LESSON 5-3
Dishonored Checks and Electronic Banking
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-3
RECORDING A DISHONORED CHECK ON RECORDING A DISHONORED CHECK ON A CHECK STUBA CHECK STUB
1. Write Dishonored check $105.00 on the line under the heading “Other.”
page 129
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33
2. Write the total of the dishonored check in the amount column.
3. Calculate and record the new subtotal on the Subtotal line.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-3
JOURNALIZING A DISHONORED CHECKJOURNALIZING A DISHONORED CHECK
1. Date. Write the date.
page 130
11
33
44
November 29. Received notice from the bank of a dishonored check from Campus Internet Café, $70.00, plus $35.00 fee; total, $105.00. Memorandum No. 55.
2. Debit. Write the title of the account to be debited.
3. Credit. Write the amount credited.
4. Source document. Write the source document number.
22
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-3
JOURNALIZING AN ELECTRONIC FUNDS JOURNALIZING AN ELECTRONIC FUNDS TRANSFERTRANSFER
1. Date. Write the date.
page 131
September 2. Paid cash on account to Kelson Enterprises, $350.00, using EFT. Memorandum No. 10.
11 33
44
22
2. 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.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-3
JOURNALIZING A DEBIT CARD JOURNALIZING A DEBIT CARD TRANSACTIONTRANSACTION
1. Date. Write the date.
page 132
September 5. Purchased supplies, $24.00, using debit card. Memorandum No. 12.
11 33
44
22
2. 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.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 5-4LESSON 5-4
Petty Cash
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-4
ESTABLISHING A PETTY CASH FUNDESTABLISHING A PETTY CASH FUND
1. Date. Write the date.
page 134
August 19. Paid cash to establish a petty cash fund, $100.00. Check No. 8.
11 33
44
22
2. 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.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-4
REPLENISHING PETTY CASHREPLENISHING PETTY CASH
1. Date. Write the date.
page 136
11
44
33
August 31. Paid cash to replenish the petty cash fund, $30.00: miscellaneous expense, $20.00; advertising, $10.00. Check No. 12.
22
4. 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.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 5-4
TERMS REVIEWTERMS REVIEW page 138
bank statement A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
blank endorsement An endorsement consisting only of the endorser’s signature.
checking account A bank account from which payments can be ordered by a depositor.
code of conduct A statement that guides the ethical behavior of a company and its employees.
debit card A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
dishonored check A check that a bank refuses to pay.electronic funds transfer A computerized cash payments system that transfers funds
without the use of checks, currency, or other paper documents.
endorsement A signature or stamp on the back of a check transferring ownership.
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.postdated check A check with a future date on it.restrictive endorsement An endorsement restricting further transfer of a check’s
ownership.special endorsement An endorsement indicating a new owner of a check.
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