Reference no: EM133179408
Please complete the questions and submit your responses in Word, electronically.
1. Why must a signature card be filled out and signed to open a checking account?
2. Explain the difference between a blank endorsement and a restrictive endorsement?
3. Who are the three parties to a check?
4. What are the three steps to follow in preparing a check?
5. What are the most common reasons for differences between the book and bank cash balances?
6. What are the three steps to follow in preparing a bank reconciliation?
7. What two kinds of items on a bank reconciliation require journal entries?
8. Name five common uses of electronic funds transfer.
9. What is the purpose of the petty cash fund?
10. What should be prepared every time a petty cash payment is made?
11. At what two times should the petty cash fund be replenished?
12. From what source is the information obtained for issuing a check to replenish the petty cash fund?
13. At what two times would an entry be made affecting the change fund?
14. What does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?