Part 1- Questions (Short Answer)1. How does a savings account differ from a checking account?2. What is the use of a deposit slip?3. What is the use of a withdrawal slip?4. What is a bank check?5. What are the information required in filling up a bank check?

Note: Since you have posted a question with multiple sub-parts, we will solve the first three…

Answered: Part 1- Questions (Short Answer) 1. How…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 14RQ: What does a debit balance in the cash short and over account represent? What does a credit balance...

See similar textbooks

Similar questions

What does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?
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 depositors account. _____ b.An endorsement where the payee simply signs the back of the check, making the check payable to any bearer. _____ c.Automated teller machinea 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.
6 When preparing a bank deposit which of the following is a best practice? Select one: a. Deposit all customer payments one at a time using the Bank Deposit form b. Group all customer payments with the same payment method together in one deposit c. Leave payments in the undeposited funds account d. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit
Which one of the following would not appear on a bank statement for a checking account? a.Deposits b.Service charges c.Outstanding checks d.Interest earned
Which one of the following is true of a signature card? A. It is the same as a deposit receipt and acts as a proof of the deposit transaction. B. It can be used as a debit card. C. It can only be used for bank accounts of individuals, not for the bank accounts of businesses. D. It shows each authorized person's signature for a bank account.
Which of the following is a book reconciling item? a.notes receivable collected by the bank b.cash on hand awaiting deposit c.collections already forwarded to the bank for deposit but too late to appear in the bank statement d.Checks drawn and already given to payees but not yet presented for payment
Explain book debits and book credits, bank debits, and bank credits.What is proof of cash and its purpose?
Question 11: Which statement about making deposits is TRUE? Answer: A. B. C. D. O Funds received through sales are held in Savings, and you must move them to Checking. Funds received through sales are held in Undeposited Funds, and you must move them to your bank account. O Funds received through sales are held in Accounts Payable, and you must move them to your bank account. Funds received through sales are held in Accounts Receivable, and you must move them to your bank account.
What is bank reconciliation?2. What are credit memos and discuss the treatment in the preparation of bankreconciliation.3. What are debit memos and discuss the treatment in the preparation of bank reconciliation.4. Explain the three forms of bank reconciliation.5. Explain book debits and book credits, bank debits, and bank credits.6. What is proof of cash and its purpose?
8. Which of the following is usually considered cash? a. Certificates of deposit b. Checking accounts c. Money market savings certificates d. Post-dated checks
can you cash a check from an equity reserve account
What entry is required in the company's accounts to record outstanding checks? Select one: A. no entry required B. debit Cash; credit Accounts Receivable C. debit Cash; credit Accounts Payable D. debit Accounts Receivable; credit Cash

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS

Part 1- Questions (Short Answer) 1. How does a savings account differ from a checking account? 2. What is the use of a deposit slip? 3. What is the use of a withdrawal slip? 4. What is a bank check? 5. What are the information required in filling up a bank check?