BE12.3 a. A check that has been paid by the bank on behalf of the depositor. b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. c. A document provided by the bank that requires the signature of all authorized signers of checks. d. A document provided by the bank which depositors use to list all depsoits (including cash and checks) made into a checking account. e. A machine that allows a depositor to make transactions such as deposits and withdrawals. f. A monthly statement from the bank that shows the depositor's bank transactions and balances. g. A written order signed by a bank depositor, directing the bank to pay a specified sum of money to a designated recipient. h. Amounts that added to a depositor's account. i. Amounts that are deducted from a depositor's account. j. The bank on which the check is drawn (also referred to as the drawee). k. The depositor writes or stamps his name on the back of the check for depsoit. l. The entity (company or person) to whom the check is payable. m. The issuer of the check (also referred to as the drawer) who directs the bank to pay a specified sum of money to the payee. n. The person or company who opens a checking account; a customer of the bank.
BE12.11 a.An employee's monthly credit card payments are nearly 75 % of his earnings. b.An employee earns minimum wage at a firm that has reported earnings for each of the last five years. c.An employee has an expensive gambling habit. d.An employee has check-writing and signing responsibilities for a small company, as well as for reconciling the bank account. EX 12.1 1Several individuals operate the cash register using the same register drawer. 2A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. 3Joe Cockrell writes checks and also records cash payment journal entries. 4One individual orders inventory, while another individual authorizes payments. 5Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording.
P12.1 (a) Reber Company Bank Reconciliation May 31, 2022 Balance on bank statement6,404.60 Add:DIT2,416.15 Bank Error800.00 3,216.15 9,620.75 Less:Outstanding Checks576.25 Adjusted cash balance per bank9,044.50 Cash balance per books6,781.50 Add:Collection of notes receivable3,060.00 (3,000 + 80 - 20) 9,841.50 Less:Check printing40.00 Deposit Error - 5/12 (886.15 - 836.15)50.00 Check Error - 5/18 (685 - 658)27.00 NSF680.00 797.00 Adjusted cash balance per books9,044.50
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