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Montgomery Stationery's bank statement contained a $260 NSF check that one of its customers had written to pay for supplies purchased.
Required:
a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal statements model like the following one:
b. Is the recognition of the NSF check on Montgomery's books an asset source, use, or exchange transaction?
c. Suppose the customer redeems the check by giving Montgomery $290 cash in exchange for the bad check. The additional $30 paid a service fee charged by Montgomery. Show the effects on the financial statements in the horizontal statements model in Requirement a.
d. Is the receipt of cash referenced in Requirement c an asset source, use, or exchange transaction?
e. Record in general journal form the adjusting entry for the NSF check and the entry for redemption of the check by the customer.
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