College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 7, Problem 1CE
Match the following words with their definitions by entering the correct number in the spaces below.
1. deposit ticket
2. ATM
3. check
4. bank statement
5. blank endorsement
_____ a. A document ordering a bank to pay cash from a depositor’s account.
_____ b. An endorsement where the payee simply signs the back of the check, making the check payable to any bearer.
_____ c. Automated teller machine—a machine used by depositors to make withdrawals or deposits at any time.
_____ d. A statement of account issued by a bank to each depositor once a month.
_____ e. A form showing a detailed listing of items being deposited.
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Students have asked these similar questions
A prenumbered document that tells the bank to pay the designated party a specific amount is a A.
check B. deposit ticket C. routing number D. remittance advice
1. It is a bank account wherein the depositor can draw checks.
a. Drawing account
b. Savings account
c. Current account
d. Past account
2. A deposit is shown on which part of a bank statement?
a. Debit column
b. Credit column
c. Bottom part
d. Everywhere
5
3. It is a written order directing a bank to pay money as instructed.
a. Check
b. Bank statement
c. Deposit slip
d. Bank instruction
4. You wrote a check and gave it to your friend as her birthday gift. Which of
the following is correct?
Drawer
Drawee
Payee
a. You
Bank
Friend
b. Bank
You
Friend
c. You
Friend
Bank
d. Bank
You
Friend
5. A time deposit is normally evidenced by a(an)
a. passbook.
b. bank statement.
c. Certificate of Time Deposit.
d. ATM card.
6. If you want to put money to your bank account, which of the following
documents should you prepare?
a. Deposit slip
b. Bank statement
c. Withdrawal slip
d. Debit card
7. A check that is dated at a future date is called.
a. ante-dated check.
b. postdated check.
c. stale check.
d.…
IV. Direction: Determine if the bank transaction is to be shown on the debit side or credit side of bankstatement. Write DEBIT or CREDIT on the blank before the number.
__________1. NSF check.__________2. Interest on depositor’s account.__________3. Cancelled check.__________4. Deposits made by depositor.__________5. Check booklet fee.__________6. Payment made by debtor to the account of depositor.__________7. Notes collected by bank for the account of depositor.__________8. Bank service charge.__________9. Check from customer honored by bank._________10. Check issued by depositor honored by bank
Chapter 7 Solutions
College Accounting, Chapters 1-27
Ch. 7 - Prob. 1TFCh. 7 - Prob. 2TFCh. 7 - Prob. 3TFCh. 7 - Prob. 4TFCh. 7 - Prob. 5TFCh. 7 - Prob. 1MCCh. 7 - Prob. 2MCCh. 7 - Prob. 3MCCh. 7 - Prob. 4MCCh. 7 - When the cash short and over account has a debit...
Ch. 7 - Match the following words with their definitions...Ch. 7 - Prob. 2CECh. 7 - Prob. 3CECh. 7 - Prob. 4CECh. 7 - Why must a signature card be filled out and signed...Ch. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - What are the most common reasons for differences...Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Name five common uses of electronic funds...Ch. 7 - Prob. 9RQCh. 7 - What should be prepared every time a petty cash...Ch. 7 - At what two times should the petty cash fund be...Ch. 7 - Prob. 12RQCh. 7 - At what two times would an entry be made affecting...Ch. 7 - What does a debit balance in the cash short and...Ch. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEACh. 7 - Prob. 3SEACh. 7 - Prob. 4SEACh. 7 - Prob. 5SEACh. 7 - Prob. 6SEACh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEBCh. 7 - Prob. 3SEBCh. 7 - Prob. 4SEBCh. 7 - Prob. 5SEBCh. 7 - Prob. 6SEBCh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPBCh. 7 - Prob. 9SPBCh. 7 - Prob. 10SPBCh. 7 - CASH SHORT AND OVER ENTRIES Listed below are the...Ch. 7 - Prob. 1MYWCh. 7 - Prob. 1MPCh. 7 - Prob. 1CP
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- Why must a signature card be filled out and signed to open a checking account?arrow_forwardSelect the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…arrow_forwardIn sap, Which of the following outgoing payments will not require manual entry of bank account?a. Cashb. Credit Cardc. Checkd. Bank Transferarrow_forward
- How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.arrow_forwardDirection: Match the following bank accounts to its usage or description listed below. Write your answer on the blank before the number. Choose from the following Savings Account Current Account Time Deposit UITF _________________1. The simplest form of bank account. _________________2. A bank account which cannot be withdrawn until the contract period has ended. _________________3. It is a type of bank account that pooled funds managed by experts to ensure high yield and quality returns. _________________4. It allows a limited number of withdrawals only. _________________5. It makes saving very rewarding. _________________6. It allows numerous withdrawals with a large sum of money. _________________7. The investors earn through the increase in fair value of the pooled fund. _________________8. The investors earn through interest while saving. _________________9. This bank account comes with atm or passbook. ________________10. This is evidence by a…arrow_forwardPlace a check mark in the column that indicates the location of each item that would be found on a bank reconciliation. Assume that the checks written by the company are written correctly. Item | Add to bank statement balance | Subtract from bank statement balance | Add to ledger balance of cash | Subtract from ledger balance of cash.. 1. Outstanding checks 2. Deposit in transit 3. A check written for $52 recorded incorrectly as $25 4. Check printing charge 5. An NFS check received from a customer. 6. A bank service charge 7. A deposit for $197 listed incorrectly on the bank statement as $179arrow_forward
- 1. What is the correct source documents for direct deposit by customer of business X. option: a) invoice issued by business X. b) Receipts issued by business X. c) Bank credit advice. d) internal memo. e) cash sales slip. f) Cheque butt. g) credit note issued by business X. reqiured: please answer this question by choosing the correct source documents.arrow_forwardEnrichment Activity 8-2. Preparation of Deposit Slip ( After the collections and sales for March 25, 2020, Rosemarie B. Luzvimin is to prepare her deposit slip for the following collections: P1,000 bill 3 pcs. P20 bill 13 pcs. 500 bill 6 pcs. 10.00 coin 3 рcs. 200 bill 1 pcs. 9 pcs. 5.00 coin 100 bill 8 pcs. 1.00 coin 3 pcs. 50 bill 14 pcs. .25 coin 2 pcs. Checks to be deposited: BDO Check Tanauan Branch Check No. 14578 amounting to P5,500 BPI Check Malvar Branch Check No. 454532 amounting to P9,000 Landbank Tanauan Bracnh Check No. 789923 amounting to P12,250 Requirement: Prepare the deposit slip/s for all the collections using the account name of the owner with her account number of 0070425184882. (Remove the first numbers if the spaces for account number is not enough)arrow_forwardA debit or credit memo describing entries in the company's bank account may be enclosed with the bank statement. An example of a credit memo is Oa. a deposited check returned for insufficient funds Ob. a service charge Oc. notification that a customer's check for $375 was recorded by the company as $735 on the deposit ticket Od. collection of a note receivable for the companyarrow_forward
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