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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

You have just received a check. Your account number is #696-339-1028. Write the following endorsements in the space provided and identify what type they are.

a. Allowing the check to be transferred to your friend Roz Reitman.

b. Allowing you to cash the check.

c. Allowing you to deposit the check in your checking account.

Chapter 4.I, Problem 2TIE, You have just received a check. Your account number is #696-339-1028. Write the following

(a)

To determine

The type of endorsement for allowing the check to be transferred to your friend Roz Reitman, and write them accordingly as you have just received a check with your account number #6963391028.

Explanation

Given Information:

Endorsement for:

Allowing the check to be transferred to your friend, Roz Reitman.

For the account number #6963391028, allowing the check to be transferred to your friend, Roz Reitman, will be said as Full endorsement because the check is being transferred to another party.

An endorsement is a kind of instructions with signature to the bank written on the back of a check.

Blank endorsement: When you want to cash the check.

Restrictive endorsement: When you want to deposit the check in own account.

Full endorsement: When you want to transfer the check to another party

(b)

To determine

The type of endorsement for allowing you to cash the check, and write them accordingly as you have just received a check with your account number #6963391028.

(c)

To determine

The type of endorsement for allowing you to deposit the check in your checking account, and write them accordingly as you have just received a check with your account number #6963391028.

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