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Preparing a Deposit Slip and Writing Checks On August 14 Loretta Harper, owner of

Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe ISBN: 9780078688294 416

Solution for problem 11-1 Chapter 11

Accounting: First Year Course | 1st Edition

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Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe

Accounting: First Year Course | 1st Edition

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Problem 11-1

Preparing a Deposit Slip and Writing Checks On August 14 Loretta Harper, owner of Peabody Cards and Gifts, deposited the following items in the checking account of the business. Cash: $784.29 Checks: Charles Ling, drawn on American Bank of Commerce, ABA No. 32-7091; $39.44 Keith Lopez, drawn on Peoples Bank, ABA No. 84-268; $22.95 Marjorie Luke, drawn on Horizon Federal Savings and Loan, ABA No. 84-6249; $52.95 Mable Parker, drawn on Security National Bank, ABA No. 84-2242; $67.45 On August 15 Peabody received the July bill from Northeast Telephone for $214.80. On August 17 Peabody received an advertising bill from the Bayside News for $275.00. Instructions Using the forms provided in your working papers: 1. Complete a deposit slip. 2. Record the deposit on the check stub for Check 41. 3. Record the information for paying the telephone bill on Check Stub 41 and complete the check stub. Use August 16 as the date. 4. Prepare Check 41 to pay the telephone bill and sign your name as drawer. 5. Prepare the check stub and Check 42 to pay the bill for advertising. Use August 17 as the date and sign your name as drawer.

Step-by-Step Solution:

Problem 11-1

Preparing a Deposit Slip and Writing Checks. On August 14 Loretta Harper, owner of Peabody Cards and Gifts, deposited the following items in the checking account of the business.

Cash: $784.29  

Checks: Charles Ling, drawn on American Bank of Commerce, ABA No. 32-7091; $39.44

              Keith Lopez, drawn on Peoples Bank, ABA No. 84-268; $22.95

              Marjorie Luke, drawn on Horizon Federal Savings and Loan, ABA No. 84-6249; $52.95

              Mable Parker, drawn on Security National Bank, ABA No. 84-2242; $67.45

On August 15 Peabody received the July bill from Northeast Telephone for $214.80.

On August 17 Peabody received an advertising bill from the Bay side News for $275.00.

Instructions Using the forms provided in your working papers:

1. Complete a deposit slip.

2. Record the deposit on the check stub for Check 41.

3. Record the information for paying the telephone bill on Check Stub 41 and complete the check stub. Use August 16 as the date.

4. Prepare Check 41 to pay the telephone bill and sign your name as a drawer.

5. Prepare the check stub and Check 42 to pay the bill for advertising. Use August 17 as the date and sign your name as a drawer.

                                                               Step by Step Solution

Step 1 of 6

Banking services are defined as various services provided by banking financial institutions to their customers. Basic banking services include deposit and withdrawal of money between various accounts, Other banking services depend upon the type of account held by customers and their position in the financial institution.

Step 2 of 6

Chapter 11, Problem 11-1 is Solved
Step 3 of 6

Textbook: Accounting: First Year Course
Edition: 1
Author: Glencoe
ISBN: 9780078688294

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