Accounting I Chapter 5

If any kind of error is made in preparing a check:

• VOID should be written on the check

• VOID should be written on the check stub

• a new check should be prepared

• all of these answers are correct

When cash is short, the entry to replenish petty cash includes a

• debit to Cash Short and Over

• credit to Cash Short and Over

• debit to Petty Cash

• credit to Miscellaneous Expense

Cash Short and Over is classified as a(n)

• asset

• liability

• expense

• equity

Each time cash or checks are placed in a bank account, the customer prepares a

• signature card

• check

• deposit slip

• none of these

The entry to establish a $200.00 petty cash fund is

• debit Petty Cash, $200.00; credit Miscellaneous Expense, $200.00

• debit Cash, $200; credit Petty Cash, $200

• debit Miscellaneous Expense, $200.00; credit Cash, $200.00

• debit Petty Cash, $200.00; credit Cash, $200.00

Legally, a lost check with a blank endorsement on it can be cashed by

• anyone who has the check.

• only the person whose name follows the words "Pay to the order of."

• only the person who endorsed the check.

• no one.

A petty cash fund is always replenished (at a minimum)

• daily

• weekly

• at the end of the month

• none of these

An endorsement on the back of a check consisting of the words "Pay to the order of" and a new check owner's name is a:

• blank endorsement

• special endorsement

• restrictive endorsement

• deposit endorsement

An endorsement on the back of a check consisting only of a signature is a(n)

• blank endorsement

• special endorsement

• restrictive endorsement

• incorrect endorsement