Accounting – 4/22/08
Objective:
- Define accounting terms related to using a checking account.
- Identify accounting concepts and practices related to using a checking account.
- Prepare business papers related to using a checking account.
- Journalize dishonored checks and electronic banking transactions.
I. Bell work Pg 134
A Terms & 1-3 Q & A
II. 6-3 Dishonored Checks & Electronic Banking
A. Read and Discuss
1. Recording a Dishonored Check
2. Journalizing a Dishonored Check
3. Journalizing an EFT
4. Journalizing a Debit Card Transaction
III. Review – PPT 6-3
IV. Classwork
A. Pg 134 4-5 WB pg 97-98
B. Pg 140 6-3 Wb pg 105
V. Notebook Work
A. Read the following Michigan Case Law and answer the questions in your notebook.
https://lawdigest.uslegal.com/debts-and-credit/bad-checks/2564/
- What must the payee send to the maker of the dishonored check?
- What are the processing fees the maker of the dishonored check must pay? List both situations.
- A maker who fails to make payment pursuant to subsection (3) and who is found responsible for payment in a civil action is liable to the payee for payment of what?