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Financial Transactions and Account Management Review

The review covers various aspects of accounting, such as types of endorsements, check-writing procedures, reasons for discrepancies in balances, check dishonor factors, and journalizing different financial transactions like bank service charges, dishonored checks, electronic funds transfers, debit card transactions, and petty cash fund establishment and replenishment.

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Financial Transactions and Account Management Review

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  1. Accounting Ch. 6 Review

  2. What are the 3 types of endorsements? • Blank endorsement • Restrictive endorsement • Special endorsement

  3. What endorsement is the least safe? • Blank endorsement

  4. When writing a check, what is the last thing you should do? • Sign it

  5. What is the last thing you should do when cashing a check? • Endorse it

  6. Reasons why your checkbook balance and your monthly bank statement balance may differ. • You may have forgotten to record a service charge • You may have outstanding deposits • You may have outstanding checks • Calculation errors

  7. If a checkmark is placed on the check stub of a cancelled check, what does a check stub with no checkmark indicate? • It indicates an outstanding check, one that has not yet been cashed.

  8. Reasons a bank may dishonor a check. • The check appears to have been altered • Signature on the check doesn’t match the signature card • Amounts in figures and words don’t match • The check is post dated • There is a stopped payment on the check • There are insufficient funds in the account

  9. What account is credited when an electronic funds transfer is used to pay cash on account. • Cash

  10. What account is credited when a debit card is used to purchase supplies? • Cash

  11. Why must you balance your checkbook? • To be sure your balance and the bank balance agree.

  12. Journalizing a Bank Service Charge Miscellaneous Expense Cash M3 3.00 3.00

  13. Journalizing a Dishonored Check AR - Learn & Play Cash M55 50.00 50.00

  14. Journalizing an Electronic Funds Transfer (EFT) A/P Kelson Enterprises Cash M10 350.00 350.00

  15. Journalizing a Debit Card Transaction Supplies M12 24.00 Cash 24.00

  16. Establishing a Petty Cash Fund Petty Cash Cash C8 200.00 200.00

  17. Replenishing a Petty Cash Fund Miscellaneous Expense Advertising Expense C12 7.00 5.00 Cash 12.00

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