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This text provides detailed instructions for completing check stubs, recording bank service charges and dishonored checks, journalizing electronic funds transfers, reconciling bank statements, and establishing and replenishing petty cash funds.
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Chapter Review Cash Control Systems
Lesson 5-1 Completed Check Stub and Check Always complete the check stub first before you write the check.
Lesson 5-2 Recording a Bank Service Charge on a Check Stub 1 2 3 1. Write Service Charge on the check stub under the heading Other. 2. Write the amount of the service charge in the amount column. 3. Calculate and record the new subtotal on the Subtotal line.
Lesson 5-3 Recording a Dishonored Check on a Check Stub 1. Write Dishonored Check on the check stub under the heading Other. 2. Write the amount of the dishonored check plus the bank’s dishonored check fee in the amount column. 3 1 2 3. Calculate and record the new subtotal on the Subtotal line.
Lesson 5-3 Journalizing a Dishonored Check August 29. Received notice from the bank of a dishonored check from Valley Landscaping, $185.00, plus $40.00 fee; total, $225.00. Memorandum No. 52. Accounts Receivable—Valley Landscaping 225.00 Cash 225.00
Lesson 5-2 Bank Statement Reconciliation 1 Date 2 CheckStub Balance ServiceCharge 3 4 AdjustedCheckStubBalance BankStatementBalance 5 Total OutstandingDeposits 6 7 Subtotal Total OutstandingChecks 8 AdjustedBankBalance 9 10 CompareAdjustedBalances
Lesson 5-3 Journalizing an Electronic Funds Transfer June 5. Paid cash on account to Murniak Enterprises, $380.00, using EFT. Memorandum No. 18. Accounts Payable—Murniak Enterprises Cash 380.00 380.00
Lesson 5-4 Establishing a Petty Cash Fund June 19. Paid cash to establish a petty cash fund, 100.00, C8 Petty Cash 100.00 Cash 100.00
Lesson 5-4 Petty Cash Report 1 Date and Custodian Name FundTotal 2 Total Payments Payments by General Ledger Account 4 3 5 Recorded Amount on Hand (100.00 minus 34.00) 6 Actual Cash on Hand (Money still left in the cash box.) Subtract the actual cash on hand from the recorded amount on hand. (Should have had one dollar more. Cash box was short one dollar.) 7 8 Amount to Replenish
Lesson 5-4 Replenishing Petty Cash January 31. Paid cash to replenish the petty cash fund, $35.00: Miscellaneous Expense, $20.00; Advertising, $14.00, Cash Short and Over, $1.00. Check No. 11. Miscellaneous Expense Advertising Expense Cash Short and Over Cash 14.00 20.00 1.00 35.00 Expense Amounts Account Titles Date 1 3 5 2 Total Cash Payment 4 CashShort (If you are short, it is like an expense—so Cash Short and Over is debited)
