: The name of the person or business receiving the money. Numeric Amount : The amount written in figures (e.g., 150.00150.00
Write the numerical amount in the space provided next to the dollar sign at the top of the stub. Step 3: Calculating the New Balance Balance Brought Forward : The remaining amount from the previous check stub. : Add any new deposits made since the last check. : Add the "Balance Brought Forward" and "Deposit." Amount This Check : The amount you are currently paying. Balance Carried Forward
Solution : Sign your name (or the authorized student signature) directly in the endorsement space.
Before filling out the forms, you must understand the underlying accounting mechanisms. This section focuses on internal control over cash. Why Reconcile?
Keep your "Accounts Receivable" (Asset/100) completely distinct from your "Accounts Payable" (Liability/200). 5-1 Work Together P.128 Answers
Transfers the check to a specific person or business (e.g., “Pay to the order of Clara Quan” followed by your signature).
: The primary focus is on the sequential record-keeping that must happen
Below is the completed Chart of Accounts solution for the Page 128 problem. Verify these accounts and numbers against your working papers. Asset Accounts (100 Series) Account Name Account Number Petty Cash Accounts Receivable—[Customer Name] Prepaid Insurance Liability Accounts (200 Series) Account Name Account Number Accounts Payable—[Vendor Name] Owner's Equity Accounts (300 Series) Account Name Account Number [Owner's Name], Capital [Owner's Name], Drawing Revenue Accounts (400 Series) Account Name Account Number Expense Accounts (500 Series) Account Name Account Number Advertising Expense Cash Short and Over Insurance Expense Miscellaneous Expense Rent Expense Supplies Expense Utilities Expense Key Mistakes to Avoid
: Just a signature; makes the check payable to anyone who has it. : The name of the person or business receiving the money
: "Pay to the order of Kelsey Sather" followed by your signature. Restrictive : "For Deposit Only - Balsam Lake Accounting." Check Stub No. 78 : Balance Brought Forward : $1,805.75. Deposit : $489.00 (Oct 30). Subtotal : $2,294.75. Amount This Check : $162.00 (to Corner Garage for repairs). Ending Balance : $2,132.75. Check Stub No. 79 : Balance Brought Forward : $2,132.75.
: Subtract the check from your track B subtotal ($2,294.75 - $162.00) to get $2,132.75 . Carry this figure to the top of Stub No. 79. Check Stub & Check No. 79 Payee & Purpose : St. Croix Supply (for Supplies). Amount of Check : $92.00.
Includes "For Deposit Only," which restricts the check to being deposited into a specific account. Part 2: Preparing Check Stubs
For students looking for step-by-step visual guidance, educators often provide walkthroughs on platforms like YouTube that demonstrate the manual entry process for these forms. : Add any new deposits made since the last check
Calculate the by subtracting the check amount from the previous balance. Endorsement Practice:
To allow the bank to verify the authorized signer's identity.
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If the amounts in words and figures do not agree, the bank may refuse to honor the check.