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process of bringing the book and bank balances into agreement
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Bank Statement
an itemized listing prepared by the bank of additions to the subtractions from a depositor's account
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Canceled checks
a check which has been paid by the bank and returned to the drawer for recordkeeping
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Cash Short & Over
a special ledger account which is used to keep track of unexplained shortages or overages of cash
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Enteries for cash short and over
pg 249
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enteries for cash over
p 250
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combonation journal
a book of original entry which combines into one journal the features of the two column general journal and a special journal.
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Deposits in transit
feposits that have been maded and added to depositor's checkbook, but have not yet been listed on the bank statement
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Deposit Ticket
a bank form which lists those cash items (currency and coin ) and individual checks to be deposited
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Drawee
person or concern, usually a bank, that has been ordered to make a payment on a check
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Drawer
a person (depositor) who signs a check, ordering a payment to be made
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Employee earnings record
seperate record for each employee indiciating gross earnings deductions and net pay
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FUTA
FEDERAL UNEMPLOYMENT TAX ACT
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Independent Contractor
any person who agrees to perform a service for a fee and who is not subject to the control of those for whom the service is performed
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NSF Checks
NOT SUFFICENT FUNDS
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Outstanding Checks
checks that have been drawn and subtracted from the depositor's checkbook, but which have not yet been presented to the bank for payment
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payee
person or company who will receive payment on a promissory note, check, draft, or money order
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payroll problem
know how to do
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Payroll Register
a multi-colum form used to assemble, compute, and summarize the data required at the end of each payroll period
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petty cash fund
a fund of currency and coin established for the payment of small amounts of money
- debit petty cash
- credit cash
- establish petty cash fund
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petty cash payments record
special multi-colum record that supplements the regualr accounting records.
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petty cash voucher
a from used to reflect payments from the petty cash fund
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salary
generalyc onsidered to be compensation for managerial or administrative services, expressed in terms of a month or year
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wages
a from of compensation usually for skilled and unskilled labor, expressed in terms of hours weeks or pieces completed
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wages expense
an account that is debited for the total amount of the gross earnings of all employees for each pay period
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workers compensation insurance
proviedes insurance for employees who suffer a job related illness or injury
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FICA
federal Insurance Contributions Act
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