Acct I Chapter 5 Checking Account

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 3 of the answers

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, $200.00; credit Petty Cash, $200.00.

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

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

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

•  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.