Han's Supplies' bank statement contained a $110 NSF check that one of its customers had written...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Han's Supplies' bank statement contained a $110 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. b. Is the recognition of the NSF check on Han's books an asset source, use, or exchange transaction? c. Suppose the customer redeems the check by giving Han's $130 cash in exchange for the bad check. The additional $20 paid a service fee charged by Han's. Show the effects on the financial statements in the horizontal statements model. 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. Required A Required B Required C Required D Required E Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate that an account was not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.) HAN'S SUPPLIES Horizontal Statements Model Balance Sheet Income Statement Assets Liabilities Accounts Stockholders' Equity Revenue Cash + Receivable Statement of Cash Expenses = Net Income Flows Show less Required A Required B Required C Required D Required E Is the recognition of the NSF check on Han's books an asset source, use, or exchange transaction? Is the recognition of the NSF check on Han's books an asset source, use, or exchange transaction? Required A Required B Required C Required D Required E Suppose the customer redeems the check by giving Han's $130 cash in exchange for the bad check. The additional $20 paid a service fee charged by Han's. Show the effects on the financial statements in the horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate that an account was not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.) HAN'S SUPPLIES Horizontal Statements Model Balance Sheet Income Statement Assets Liabilities Cash + Accounts Receivable Stockholders' Equity Revenue Expenses = Net Income Statement of Cash Flows Show less Required A Required B Required C Required D Required E Is the receipt of cash referenced in Requirement c an asset source, use, or exchange transaction? Is the receipt of cash referenced in Requirement c an asset source, use, or exchange transaction? Required A Required B Required C Required D Required E Record in general journal form the adjusting entry for the NSF check and the entry for redemption of the check by the customer. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record entry for recognizing the NSF check. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Han's Supplies' bank statement contained a $110 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. b. Is the recognition of the NSF check on Han's books an asset source, use, or exchange transaction? c. Suppose the customer redeems the check by giving Han's $130 cash in exchange for the bad check. The additional $20 paid a service fee charged by Han's. Show the effects on the financial statements in the horizontal statements model. 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. Required A Required B Required C Required D Required E Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate that an account was not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.) HAN'S SUPPLIES Horizontal Statements Model Balance Sheet Income Statement Assets Liabilities Accounts Stockholders' Equity Revenue Cash + Receivable Statement of Cash Expenses = Net Income Flows Show less Required A Required B Required C Required D Required E Is the recognition of the NSF check on Han's books an asset source, use, or exchange transaction? Is the recognition of the NSF check on Han's books an asset source, use, or exchange transaction? Required A Required B Required C Required D Required E Suppose the customer redeems the check by giving Han's $130 cash in exchange for the bad check. The additional $20 paid a service fee charged by Han's. Show the effects on the financial statements in the horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate that an account was not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.) HAN'S SUPPLIES Horizontal Statements Model Balance Sheet Income Statement Assets Liabilities Cash + Accounts Receivable Stockholders' Equity Revenue Expenses = Net Income Statement of Cash Flows Show less Required A Required B Required C Required D Required E Is the receipt of cash referenced in Requirement c an asset source, use, or exchange transaction? Is the receipt of cash referenced in Requirement c an asset source, use, or exchange transaction? Required A Required B Required C Required D Required E Record in general journal form the adjusting entry for the NSF check and the entry for redemption of the check by the customer. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record entry for recognizing the NSF check. Note: Enter debits before credits. Transaction a. General Journal Debit Credit
Expert Answer:
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these accounting questions
-
Hans Supplies bank statement contained a $270 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...
-
Montgomery Stationerys 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...
-
In Figure, a square of edge length 20.0 cm is formed by four spheres of masses m1 = 5.00 g, m2 = 3.00 g, m3 = 1.00 g, and m4 = 5.00 g. In unit-vector notation, what is the net gravitational force...
-
What is parity pricing? How does it differ from other forms of competition-based pricing?
-
Think about the most recent technological developments. What are the likely implications of these developments for employers during the next 10 years? For employees?
-
The free energy change for a chemical reaction is given by (a) \(R T \ln K\) (b) \(-R T \ln K\) (c) \(-R \ln K\) (d) \(T \ln K\).
-
Review the comprehensive annual financial report (CAFR) you obtained. 1. Indicate the activities accounted for in both internal service funds and major enterprise funds. Comment on whether any of...
-
A battery of 12 V is connected across capacitors of capacitances C1-C2=C3 C4 =C7= B F, Cs = C6= F. 12 V C3 C2 C1 i. What is the equivalent capacitance Ceq of the capacitors, you should show your work...
-
Python Code plz # Given Code class AD(dict): def __init__(self, *args, **kwargs): """This initializer simply passes all arguments to dict, so that we can create an AD with the same ease with which we...
-
Simplify: 16+ 25. Provide your answer below:
-
Describe how much money Bangladesh Bank supply in 2018, 2019, 2020, 2021, 2022 And what is their impact on Bangladesh economy such as : inflation, bank interest rate, Unemployment, forex Reserve etc...
-
Sunland Corporation ("Sunland") manufactures equipment with an estimated economic life of 12 years. On May 30, 2023, Sunland leases it to Gadget Corporation ("Gadget") for a period of 10 years....
-
ootsie Roll Industries has two business segments, one for operations in the United States and one for operations in Mexico and Canada. The following information (in thousands) comes from a recent...
-
Determine g(x + a) - g(x) for the following function. Answer g(x+a) g(x) = g(x)=3x-2
-
How is customer satisfaction measured? Give examples, and also list several of your own experiences where a business has solicited your opinion on their product or service.
-
In the busy port of Chennai, India, the number of containers loaded onto ships during a 15-week period is as follows: 1. Develop a linear trend equation to forecast container loadings. 2. Using the...
-
Use the Any Entry pattern to model entries in a spreadsheet style application. a. Draw a class diagram of using Any Entry pattern. b. Generate a significant use case for this context. c. Map the use...
-
List and explain essential properties of analysis patterns.
-
A pattern is not intended to represent a model for a complete system. Explain.
Study smarter with the SolutionInn App