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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 LESSON 5-1 Checking Accounts

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LESSON 5-1. Checking Accounts. DEPOSITING CASH. page 119. DEPOSIT RECORDED ON A CHECK STUB. page 119. Blank Endorsement. Special Endorsement. Restrictive Endorsement. ENDORSEMENTS. page 120. COMPLETED CHECK STUB. page 121. 1. 1.Write the amount of the check. 2. 3. - PowerPoint PPT Presentation

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Page 1: LESSON 5-1

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 5-1LESSON 5-1

Checking Accounts

Page 2: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

DEPOSITING CASHDEPOSITING CASH page 119

Page 3: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

DEPOSIT RECORDED ON DEPOSIT RECORDED ON A CHECK STUBA CHECK STUB page 119

Page 4: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

ENDORSEMENTSENDORSEMENTS page 120

Blank EndorsementBlank Endorsement

Special EndorsementSpecial Endorsement

Restrictive EndorsementRestrictive Endorsement

Page 5: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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

Page 6: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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.

Page 7: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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

Page 8: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

TERMS REVIEWTERMS REVIEW

code of conduct checking account endorsement blank endorsement special endorsement restrictive endorsement postdated check

page 123

Page 9: LESSON 5-1

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 5-2LESSON 5-2

Bank Reconciliation

Page 10: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

BANK STATEMENTBANK STATEMENT page 124

Page 11: LESSON 5-1

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LESSON 5-2CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

5.Bank Statement Balance

BANK STATEMENT RECONCILIATIONBANK STATEMENT RECONCILIATION

1122

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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

Page 12: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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

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2. Write the amount of the service charge in the amount column.

3. Calculate and record the new subtotal on the Subtotal line.

Page 13: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

JOURNALIZING A BANK SERVICE JOURNALIZING A BANK SERVICE CHARGECHARGE

1. Date. Write the date.

page 127

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August 31. Received bank statement showing August bank service charge, $8.00. Memorandum No. 3.

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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.

Page 14: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

TERM REVIEWTERM REVIEW

bank statement

page 128

Page 15: LESSON 5-1

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 5-3LESSON 5-3

Dishonored Checks and Electronic Banking

Page 16: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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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2. Write the total of the dishonored check in the amount column.

3. Calculate and record the new subtotal on the Subtotal line.

Page 17: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

JOURNALIZING A DISHONORED CHECKJOURNALIZING A DISHONORED CHECK

1. Date. Write the date.

page 130

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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.

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Page 18: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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.

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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.

Page 19: LESSON 5-1

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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.

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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.

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

TERMS REVIEWTERMS REVIEW

dishonored check electronic funds transfer debit card

page 133

Page 21: LESSON 5-1

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 5-4LESSON 5-4

Petty Cash

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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.

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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.

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

MAKING PAYMENTS FROM A PETTY MAKING PAYMENTS FROM A PETTY CASH FUND WITH A PETTY CASH SLIPCASH FUND WITH A PETTY CASH SLIP page 135

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

REPLENISHING PETTY CASHREPLENISHING PETTY CASH

1. Date. Write the date.

page 136

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August 31. Paid cash to replenish the petty cash fund, $30.00: miscellaneous expense, $20.00; advertising, $10.00. Check No. 12.

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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.

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LESSON 5-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

TERMS REVIEWTERMS REVIEW

petty cash petty cash slip

page 138