Exam 4: Checking Accounts

You write a check to cover a bill of $9,421.82. How would you write the word form of this amount on a check?

A restrictive endorsement uses the term "for deposit only" followed by the signature and account number of the payee.​

On September 3, you received your bank statement showing a balance of $3,047.62. Your checkbook shows a balance of $2,822.20. Outstanding checks are $382.29 and $97.83. The account earned interest of $113.08. Deposits in transit amount to $357.78, and there is a service charge of $10.00. Calculate the reconciled balance.

A payee is a person issuing a check or a draft.​

From the information below, what would be the balance forward that would result from these transactions? Starting balance: $1,115.75 June 15, 20xx, check #439 issued to Griscom Hardware for supplies in the amount of $98.72 June 16, 20xx, deposit of $529.86 June 19, 20xx, check #440 issued to Bell Telephone Co. for telephone bill, in the amount of $126.59

Lenny wishes to make a deposit. He has these bills: 12 ones, 3 fives, 2 tens, and 3 twenties. He has 5 nickels, 17 dimes, and 18 quarters. Lenny has checks for $29.25 and $34.75. Lenny wants to receive $20 in cash. What should he enter on the TOTAL line?

Samuel is writing a check for $99.99 What should he write for the word form of this amount on the check?

On December 15, you received your bank statement showing a balance of $2,263.28. Your checkbook shows a balance of $2,434.44. Outstanding checks are $215.50 and $358.10. The account earned $78.51. Deposits in transit amount to $805.27, and there is a service charge of $18.00. Calculate the reconciled balance.

The person or business named on the check to receive the money is called the ____________________.

The process of adjusting the bank and checkbook balances to reflect the actual current balance of the checking account is called the bank statement ____________________.

You wish to make a deposit and have these bills: 11 ones, 4 fives, 4 tens, and 4 twenties. You also have 6 nickels, 12 dimes, and 15 quarters and checks for $72.50 and $65.25. You wish to receive $30 in cash. What will you enter on the NET DEPOSIT line?

What type of endorsement is illustrated by the following example: Pay to the order of Mike Lopez Isis Love 1681-77-75-4

On September 4, you received your bank statement showing a balance of $1,253.18. Your checkbook shows a balance of $1,424.34. Outstanding checks are $115.50 and $258.10. The account earned $68.51. Deposits in transit amount to $605.27, and there is a service charge of $8.00. Calculate the reconciled balance.