Explain the meaning of the following terms: a. Canceled check b. Outstanding check c. Deposit in transit
Question:
Explain the meaning of the following terms:
a. Canceled check
b. Outstanding check
c. Deposit in transit
d. Debit memorandum
e. Credit memorandum
f. Dishonored check
g. Blank endorsement
h. Deposit slip
i. Drawee
j. Restrictive endorsement
k. Payee
l. Drawer
m. Service charge
n. Electronic funds transfer
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Step by Step Answer:
a Canceled check A canceled check is a check that has cleared the depositors account and has been marked as canceled by the bank b Outstanding check A...View the full answer
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Related Book For 
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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