MINDTAP FINANCE FOR GARMAN/FORGUE'S PER
13th Edition
ISBN: 9781337288347
Author: FORGUE
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 5, Problem 4FPC
Summary Introduction
Case summary: JF has opened a savings account, on November 25 he discovered that there are some fraudulent transactions in his account, by analyzing the liability of unauthorized transaction of ETFA it was discovered that he is under risk of unlimited loss.
Characters in the case : JF of Oxford, Mississippi.
Adequate information: JF has a savings account, experienced some fraudulent transactions. It is required to determine the risk JF has on account of this transactions. ETFA issued gu
To determine: The money J would lose because of fraudulent transactions in his account.
Introduction:
Liability on unauthorized transactions:The Electronic Funds Transfer Act (ETFA) is the governing law, also known as Regulation E, was implemented to protect consumers using electronic means to manage their finances. The financial institution must make sure that customer know their liability in case the card is lost or stolen. The financial institution should provide a phone number for reporting loss and description of its error resolution process and information on customer’s liability and his rights.
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ASUS
June Peters deposits $6400 in a savings account at her bank. When she withdraws the money 8 months later, she receives a check for $6453.33. Assume simple interest and find the rate of interest paid by the bank.
Debbie's Dog Care cash account shows a $10,000 debit balance and its bank statement shows $12,500 on deposit at the close of business on June 30.
Outstanding checks as of June 30 total $3,500.
The June 30 bank statement lists a $50 bank service charge.
The bank received a $550 direct deposit into Debbie's Dog Care account. The $550 was payment from one of Debbie's customers, paying his account balance.
The June 30 cash receipts of $1,500 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement.
Required:
Prepare Debbie's Dog Care bank reconciliatin for June 30 using the above information.
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Chapter 5 Solutions
MINDTAP FINANCE FOR GARMAN/FORGUE'S PER
Ch. 5.1 - Prob. 1CCCh. 5.1 - Explain the circumstances when it would be...Ch. 5.1 - Prob. 3CCCh. 5.1 - Summarize your insurance protections when you have...Ch. 5.2 - Explain why opening a checking account and a money...Ch. 5.2 - Prob. 2CCCh. 5.2 - Prob. 3CCCh. 5.2 - Prob. 4CCCh. 5.3 - Prob. 1CCCh. 5.3 - Prob. 2CC
Ch. 5.4 - Prob. 1CCCh. 5.4 - Prob. 2CCCh. 5.4 - Prob. 3CCCh. 5.4 - Prob. 4CCCh. 5.5 - Prob. 1CCCh. 5.5 - Prob. 2CCCh. 5 - Invest Now or Later? Twins Natalie and Kaitlyn are...Ch. 5 - Prob. 2DTMCh. 5 - Reconciling a Checking Account. Andrew Parker, of...Ch. 5 - Saving for College. You want to create a college...Ch. 5 - Prob. 5DTMCh. 5 - Prob. 1FPCCh. 5 - Prob. 2FPCCh. 5 - Prob. 3FPCCh. 5 - Prob. 4FPCCh. 5 - Prob. 5FPCCh. 5 - Prob. 6FPCCh. 5 - Prob. 7FPCCh. 5 - Prob. 8FPCCh. 5 - Keep Your Accounts Current. Go online every few...
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