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CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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Page 1: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

CENTURY 21 ACCOUNTING © Thomson/South-Western

Accounting I – Block 4Accounting I – Block 4

South Portland High School

Instructor: Mr. Hunter

Page 2: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

CENTURY 21 ACCOUNTING © Thomson/South-Western

LESSON 5-1LESSON 5-1

Checking Accounts

Page 3: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

DEPOSITING CASHDEPOSITING CASH page 119

Page 4: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

DEPOSIT RECORDED ON A CHECK DEPOSIT RECORDED ON A CHECK STUBSTUB page 119

Page 5: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

ENDORSEMENTSENDORSEMENTS page 120

Blank EndorsementBlank Endorsement

Special EndorsementSpecial Endorsement

Restrictive EndorsementRestrictive Endorsement

Page 6: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

5. Write the amount of the check.

2. Write the date of the check.

3. Write to whom the check is to be paid.

4. Record the purpose of the check.

1. Write the amount of the check.

6. Calculate the new checking account balance.

COMPLETED CHECK STUBCOMPLETED CHECK STUB page 121

1122

33

44

5566

Page 7: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

COMPLETED CHECKCOMPLETED CHECK

7. Write the date.

page 121

1111 1212

1010

9988

77

10. Write the amount in words.

8. Write to whom the check is to be paid.

9. Write the amount in figures.

11. Write the purpose of the check.

12. Sign the check.

Page 8: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

1. Record the date.

2. Write the word VOID in the Account Title column

3. Write the check number.

4. Place a check mark in the Post. Ref. column.

5. Place a dash in the Cash Credit column.

RECORDING A VOIDED CHECKRECORDING A VOIDED CHECK page 122

1122

3344

55

Page 9: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

TERMS REVIEWTERMS REVIEW

code of conduct checking account endorsement blank endorsement special endorsement restrictive endorsement postdated check

page 123

Page 10: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

CENTURY 21 ACCOUNTING © Thomson/South-Western

LESSON 5-2LESSON 5-2

Bank Reconciliation

Page 11: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

BANK STATEMENTBANK STATEMENT page 124

Page 12: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

5.Bank Statement Balance

BANK STATEMENT RECONCILIATIONBANK STATEMENT RECONCILIATION

1122

33

44

55

66

77

88

99

9.Adjusted Bank Balance

page 125

2.Check Stub Balance

10. Compare Adjusted Balances

1.Date

3.Service Charge4.Adjusted Check Stub Balance

6.Outstanding Deposits7.Subtotal8.Outstanding Checks 1010

Page 13: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

1. Write Service Charge $8.00 on the check stub under the heading “Other.”

RECORDING A BANK SERVICE CHARGE RECORDING A BANK SERVICE CHARGE ON A CHECK STUBON A CHECK STUB page 126

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33

2. Write the amount of the service charge in the amount column.

3. Calculate and record the new subtotal on the Subtotal line.

Page 14: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

JOURNALIZING A BANK SERVICE JOURNALIZING A BANK SERVICE CHARGECHARGE

1. Date. Write the date.

page 127

11 33

44

August 31. Received bank statement showing August bank service charge, $8.00. Memorandum No. 3.

22

2. Debit. Write the title of the account to be debited. Record the amount debited.

3. Credit. Record the amount credited.

4. Source document. Write the source document number.

Page 15: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

TERM REVIEWTERM REVIEW

bank statement

page 128

Page 16: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

CENTURY 21 ACCOUNTING © Thomson/South-Western

LESSON 5-3LESSON 5-3

Dishonored Checks and Electronic Banking

Page 17: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

RECORDING A DISHONORED CHECK ON RECORDING A DISHONORED CHECK ON A CHECK STUBA CHECK STUB

1. Write Dishonored check $105.00 on the line under the heading “Other.”

page 129

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2. Write the total of the dishonored check in the amount column.

3. Calculate and record the new subtotal on the Subtotal line.

Page 18: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

JOURNALIZING A DISHONORED CHECKJOURNALIZING A DISHONORED CHECK

1. Date. Write the date.

page 130

11

33

44

November 29. Received notice from the bank of a dishonored check from Campus Internet Café, $70.00, plus $35.00 fee; total, $105.00. Memorandum No. 55.

2. Debit. Write the title of the account to be debited.

3. Credit. Write the amount credited.

4. Source document. Write the source document number.

22

Page 19: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

JOURNALIZING AN ELECTRONIC FUNDS JOURNALIZING AN ELECTRONIC FUNDS TRANSFERTRANSFER

1. Date. Write the date.

page 131

September 2. Paid cash on account to Kelson Enterprises, $350.00, using EFT. Memorandum No. 10.

11 33

44

22

2. Debit. Write the title of the account to be debited. Record the amount debited.

3. Credit. Record the amount credited.

4. Source document. Write the source document number.

Page 20: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

JOURNALIZING A DEBIT CARD JOURNALIZING A DEBIT CARD TRANSACTIONTRANSACTION

1. Date. Write the date.

page 132

September 5. Purchased supplies, $24.00, using debit card. Memorandum No. 12.

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44

22

2. Debit. Write the title of the account to be debited. Record the amount debited.

3. Credit. Record the amount credited.

4. Source document. Write the source document number.

Page 21: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

TERMS REVIEWTERMS REVIEW

dishonored check electronic funds transfer debit card

page 133

Page 22: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

CENTURY 21 ACCOUNTING © Thomson/South-Western

LESSON 5-4LESSON 5-4

Petty Cash

Page 23: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

ESTABLISHING A PETTY CASH FUNDESTABLISHING A PETTY CASH FUND

1. Date. Write the date.

page 134

August 17. Paid cash to establish a petty cash fund, $100.00. Check No. 8.

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44

22

2. Debit. Write the title of the account to be debited. Record the amount debited.

3. Credit. Record the amount credited.

4. Source document. Write the source document number.

Page 24: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

MAKING PAYMENTS FROM A PETTY CASH MAKING PAYMENTS FROM A PETTY CASH FUND WITH A PETTY CASH SLIPFUND WITH A PETTY CASH SLIP page 135

Page 25: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

REPLENISHING PETTY CASHREPLENISHING PETTY CASH

1. Date. Write the date.

page 136

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44

33

August 31. Paid cash to replenish the petty cash fund, $30.00: miscellaneous expense, $20.00; advertising, $10.00. Check No. 12.

22

4. Source document. Write the source document number.

3. Credit. Record the amount credited.

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.

Page 26: CENTURY 21 ACCOUNTING © Thomson/South-Western Accounting I – Block 4 South Portland High School Instructor: Mr. Hunter

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-1

Ch. 5 ScheduleCh. 5 Schedule

October 23 Lecture on chapter 5WB 93-98  October 25WB 99-104  October 27WB 105-106 and 89-91 (107-110 optional)  October 31Chapter 5 Test