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Chapter 5

Chapter 5. By: Ashley Kea. Key Points. Depositing Cash Blank Endorsement, Special Endorsement, and Restrictive Endorsement Check Stub and Check Recording a Voided Check Bank Statement Journalizing Bank Service Charge Dishonored Check on Check Stub Petty Cash. Important vocabulary.

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Chapter 5

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  1. Chapter 5 By: Ashley Kea

  2. Key Points • Depositing Cash • Blank Endorsement, Special Endorsement, and Restrictive Endorsement • Check Stub and Check • Recording a Voided Check • Bank Statement • Journalizing Bank Service Charge • Dishonored Check on Check Stub • Petty Cash

  3. Important vocabulary • Checking Account: business form ordering a bank to pay cash from a bank account • Postdated Check: future date • Bank Statement: report of deposits, withdrawals, and bank balances sent to depositor by a bank • Dishonored Check: check that a bank refuses to pay • Debit Card: card that automatically deducts the amount of a purchase • Petty Cash: amount of cash kept on hand • Petty Cash Slip: form showing proof of a petty cash payment • Endorsement: a signature or stamp on the back of check transferring ownership • Blank Endorsement: only signature • Special Endorsement: New owner • Restrictive Endorsement: restricting further transfer

  4. Check Stub • A check stub is a business’s record of each check written for a cash payment transaction

  5. Endorsements • Bank Endorsement • Special Endorsement • Restrictive Endorsement

  6. Recording a Voided Check • A check with errors must be marked to that others will know that it is not to be used • VOID is written in large letters across both the check and its stub

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