Exam 4: Checking Accounts

A(n) ____________________ endorsement is used when the payee wants to transfer a check to another party.

Miguel wishes to make a deposit. He has these bills: 5 ones, 4 fives, 2 tens, and 2 twenties. He has 4 nickels, 17 dimes, and 13 quarters. Miguel has checks for $35.75 and $64.75. Miguel wants to receive $40 in cash. What would he enter on the CURRENCY line?

Find the amount of the balance forward that would result following these transactions: Starting balance: $1,369.51 April 7; check #741; to Toys or Else; amount of $357.44 Deposit: April 17; amount of $216.68 April 26; check #742; to Seller's Auto Body; amount of $58.11

For what purpose would a payee use an endorsement as shown in the following example: For deposit only P.J. Berry's 6639-88-83-9

You have just received a check. Your account number is # 5391-2165. Write the endorsement and identify what type it is, allowing you to deposit the check in your checking account.

Find the amount of the balance forward that would result following these transactions: Starting balance: $2,463.73 February 9; check #944; to Stewart Software; amount of $183.70 Deposit: February 17; amount of $678.57 February 22; check #945; to Great Video; amount of $35.06

Find the amount of the balance forward that would result following these transactions: Starting balance: $2,959.55 March 9; check #701; to Liu Printing; amount of $188.30 Deposit: March 19; amount of $850.51 March 20; check #702; to Dreamscape Gardens; amount of $315.89

A bank statement is a weekly summary of the activities in the checking account, including debits and credits and the beginning and ending balance.​

You write a check to cover a bill of $7,653.47. How would you write the word form of this amount on a check?

A separate booklet of blank forms used to keep track of all checking account activity is called a check register.​

Ola wishes to make a deposit. She has these bills: 9 ones, 3 fives, 2 tens, and 4 twenties. She has 32 nickels, 4 dimes, and 10 quarters. Ola has checks for $32.75 and $41.50. Ola wants to receive $30 in cash. What should she enter on the CURRENCY line?

Funds added to a checking account are called ____________________.

Ella makes several purchases totaling $7,489.22. How would she write the word form of this amount on a check?

Mirian has made several transactions in the past few days and wants to know her current balance. Find the amount of the balance forward that would result following these transactions: Starting balance: $2,258.20 June 4; check #442; to Quick Foods; amount of $63.96 Deposit; June 14; amount of $159.22 June 20; check #443; to Roy's Pizza; amount of $33.44 June 22; check #444; to Pet King; amount $40.54

A fee charged by banks when a check is written without sufficient funds to cover the check is called an NSF fee.

An endorsement used when the payee wants to deposit a check into his or her account is called a(n) ____________________ endorsement.

Moon Lee received her bank statement on September 8, showing a balance of $2,009.32. The balance shown in her checkbook was $2,469.31. Deposits in transit amounted to $1,197.87 and there was a service charge of $6.00. Outstanding checks were $310.18 and $324.50, and the interest earned was $109.20. Find the reconciled balance.

The checkbook balance minus service charges and other debits plus interest earned and other credits is the adjusted bank statement balance.​

It is not necessary to sign the deposit slip when you are asking to receive cash back from a deposit.​

Find the amount of the new "balance forward" given the information on this check stub: