Cash Control Systems
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1 Chapter 5 Cash Control Systems Objectives: 1. Define accounting terms related to using a checking account and a petty cash fund. 2. Identify accounting concepts and practices related to using a checking account.. Prepare business papers related to using a checking account. 1
2 Objectives:. Reconcile a bank statement. 5. Journalize dishonored checks and electronic baking transactions. 6. Establish and replenish a petty cash fund. LESSON 5-15 Checking Accounts 2
3 5 DEPOSITING CASH page 119 DEPOSIT RECORDED ON A CHECK STUB STUB page 119 6
4 7 ENDORSEMENTS page 120 Blank Endorsement Special Endorsement Restrictive Endorsement 8 COMPLETED CHECK STUB page Write the amount of the check. 2. Write the date of the check.. Write to whom the check is to be paid.. Record the purpose of the check. 5. Write the amount of the check Calculate the new checking account balance.
5 9 COMPLETED CHECK page Write the date. 8. Write to whom the check is to be paid. 9. Write the amount in figures. 10. Write the amount in words. 11. Write the purpose of the check. 12. Sign the check. 10 RECORDING A VOIDED CHECK page Record the date. 2. Write the word VOID in the Account Title column. Write the check number.. Place a check mark in the Post. Ref. column. 5. Place a dash in the Cash Credit column. 5
6 LESSON 5-25 Bank Reconciliation 12 BANK STATEMENT page 12 6
7 1 BANK STATEMENT RECONCILIATION 1. Date 2. Check Stub Balance 2. Service Charge. Adjusted Check 6 Stub Balance 5. Bank Statement Balance 6. Outstanding Deposits 8 7. Subtotal 8. Outstanding Checks Adjusted Bank Balance 10. Compare Adjusted Balances page RECORDING A BANK SERVICE CHARGE ON A CHECK STUB page Write Service Charge $8.00 on the check stub under the heading Other. 2. Write the amount of the service charge in the amount column.. Calculate and record the new subtotal on the Subtotal line. 7
8 JOURNALIZING A BANK SERVICE CHARGE August 1. Received bank statement showing August bank service charge, $8.00. Memorandum No.. 15 page Date. Write the date. 2. Debit. Write the title of the account to be debited. Record the amount debited.. Credit. Record the amount credited.. Source document. Write the source document number. Application Application Problem 5-2 (p. 10) Interactive work paper available at textbook website /toolbox.html 8
9 LESSON 5-5 Dishonored Checks and Electronic Banking RECORDING A DISHONORED CHECK ON A CHECK STUB 18 page Write Dishonored check $ on the line under the heading Other. 2. Write the total of the dishonored check in the amount column.. Calculate and record the new subtotal on the Subtotal line. 9
10 19 JOURNALIZING A DISHONORED CHECK page 10 November 29. Received notice from the bank of a dishonored check from Campus Internet Café, $70.00, plus $5.00 fee; total, $ Memorandum No Date. Write the date. 2. Debit. Write the title of the account to be debited.. Credit. Write the amount credited.. Source document. Write the source document number. 2 JOURNALIZING AN ELECTRONIC FUNDS TRANSFER 20 page 11 September 2. Paid cash on account to Kelson Enterprises, $50.00, using EFT. Memorandum No Date. Write the date. 2. Debit. Write the title of the account to be debited. Record the amount debited.. Credit. Record the amount credited.. Source document. Write the source document number. 10
11 JOURNALIZING A DEBIT CARD TRANSACTION September 5. Purchased supplies, $2.00, using debit card. Memorandum No page Date. Write the date. 2. Debit. Write the title of the account to be debited. Record the amount debited.. Credit. Record the amount credited.. Source document. Write the source document number. Application Application Problem 5- (p. 10) Interactive work paper available at textbook website /toolbox.html 11
12 LESSON 5-5 Petty Cash 2 ESTABLISHING A PETTY CASH FUND page 1 August 17. Paid cash to establish a petty cash fund, $ Check No Date. Write the date. 2. Debit. Write the title of the account to be debited. Record the amount debited.. Credit. Record the amount credited.. Source document. Write the source document number. 12
13 MAKING PAYMENTS FROM A PETTY CASH FUND WITH A PETTY CASH SLIP page REPLENISHING PETTY CASH page 16 August 1. Paid cash to replenish the petty cash fund, $0.00: miscellaneous expense, $20.00; advertising, $ Check No Date. Write the date. 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.. Credit. Record the amount credited.. Source document. Write the source document number. 1
14 Application Application Problem 5- (p. 11) Excel work papers available at: /toolbox.html 28 TERMS REVIEW page 12 code of conduct checking account endorsement blank endorsement special endorsement restrictive endorsement postdated check 1
15 29 TERM REVIEW page 128 bank statement 0 TERMS REVIEW page 1 dishonored check electronic funds transfer debit card 15
16 1 TERMS REVIEW page 18 petty cash petty cash slip Homework Application Problems a. Review problems completed in class. b. Use available interactive e-work papers to complete application problems not worked in class. c. No Chapter 5 application problems are due this week. 1.2 Mastery Problem 5-5 (p. 11) Sect. A Due 06/21/07 Sect. 5B Due 06/19/07 1. Quiz Chapter 5 a. Sect. A Due 06/21/07 Sect. 5B Due 06/19/07 b. quiz results to Instructor (pcarter9@mccneb.edu) and to yourself. 1. Exam 1 (Chapters 1 5), 100 points, 75 minutes Sect. A -- Sat, 06/2/07 Sect. 5B Sat, 06/21/07 Congratulations! You have made it through Chapter 5. 16
17 Reminder: Exam #1 Chapters 1 through 5 Sect. A Saturday, 06/2/07 Sect. 5B Thursday, 06/21/07 17
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