Kinns Chapter 23 Essay

1516 Words 7 Pages
CHAPTER

22

Banking Services and Procedures
Vocabulary Review
Fill in the blanks with the correct vocabulary terms from this chapter. 1. Judy was unaware that checks were processed through at her bank. before they arrived

2. Because Alicia was the person who wrote the check, she was considered to be the . 3. When the Blackburn Clinic purchased the ultrasound machine, they paid $10,000 toward the so that they would be charged less interest. 4. Pamela wrote a check to Samantha, so Pamela is the . and Samantha is the

5. The of a check is the person who is presenting it for payment and may not be the person named as the payee. 6. Grace studied the , which is a series of laws that regulates sales of goods, commercial paper, secured
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a. b. c. d. e. 17. Provide five guidelines for check acceptance. a. b. c. d. e. 18. List three reasons that an individual might stop payment on a check. a. b. c. 19. Explain the ABA number and what each part of the number means.

20. List the three basic steps for preparing a deposit slip. a. b. c.

Part II: Writing Checks for Disbursement of Funds Write checks to pay the following bills. The beginning balance in the checkbook is $4562.79. Use the checks numbered 5648 to 5651 on p. 287. 21. Write check #5648 to the American Medical Association for $356.00 for new coding books. 22. Write check #5649 to the Blackburn Utility Company for $46.90 to pay the water bill. 23. Write a check for the office mortgage payment to First National Bank, in the amount of $1,700.00. Use check #5650. 24. Write check #5651 to pay a pharmacy bill of $98.34.

Copyright © 2007, 2003 by Saunders, an imprint of Elsevier Inc. All rights reserved.

286

22

BANKING SERVICES AND PROCEDURES

25. Determine the balance of the account after the funds in questions 21 to 24 have been deducted.

Part III: Writing Refund Checks Write checks for the following refunds. Use the ending balance from question 25 to determine the final balance in the checking account. Use the checks numbered 5652 to 5655 on page 288. 26. Ms. Patty Bailey should receive a refund in the amount of $34.55 for an overpayment. Use check #5652. 27. Write a check for Julie Smithy for

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