process of bringing the book & bank balances into agreement
statement of account issued by a bank to each depositor once a month
depositor's checks paid by the bank during the period
Cash short & over
- (Change fund can be compared with the amount of cash)
- Cash ShortChange fund $200
- Receipts per register tapes $963.
- Total $1,1163.00
- Cash Count $1,161.00
- Cash Shortage $2.00
- Cash Over
- Change fund $200.
- Receipts per register tapes $814.
- Total $1,014.
- Cash count $ 1,015.00
- Cash overage $1.00
a journal with such special & general columns
Depositis in transit
deposits that have not reached or been recorded by the bank before the statement is prepared
Deposits in transit
is a form showing a detailed listing of items being deposited
the bank on which the check is drawn
the depositor who orders the bank to pay the cash
Employee earnings record
a seperate record of each employee's earnings
- (Federal Unemployement Tax Act)
- tax is levied only on employers
performs a service for a fee & does not work under the control & direction of the company paying for the service
- (Non Sufficent funds)
- Checks deposited by the depositer that are not paid because the drawer did not have sufficient fund
Checks issued that have not been presented to the bank for payment before the statement is prepared
the person being paid the cash
is a form used to assemble the data required at the end of each payroll period
petty cash fund
- definition: to pay for small items with cash.
- Entry to establish:
- Petty cash as an asset as well as in Cash
petty cash payments record
is a special multi-column record that supplements the regular accounting records
Petty cash voucher
receipt should be prepared for every payment from the fund.
compensation for managerial or administrative services usually
compensation for skilled or unskilled labor usually is referred to
an account that is debited for the total amount of the gross earnings of all employees for each any period
Worker's Compensation Insurance
provides insurance for employees who suffer a job-related illness or injury
FICA Abreviation stands for?
Federal Insurance Contributions Act-requrires employers to withhold FICA taxes from employees' earnings.
Rates & Maximums for Social Security, Medicare, FUTA and SUTA
- SSI:6.2% / $94,200
- Medicare: 1.45% / No maximum 0
- FUTA: 0.8% / $7,000 +
- SUTA: 5.4% / $7,000
What is considered cash in accounting?
checks, money orders & bank cashier's checks received from customers