Business, 15.04.2020 02:01 Dorth7935

Hans Stationery’s bank statement contained a $260 NSF check that one of its customers had written to pay for supplies purchased.
Required:
Show the effects of the following transactions on the financial statements in the horizontal statements model.
(a) Recognize the NSF check, (c) Customer redeems the check by giving Hans $290 cash in exchange for the bad check. The additional $20 was a service fee charged by Hans. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, and FA for financing activity.
(b) Is the recognition of the NSF check on Montgomery’s books an asset source, use, or exchange transaction?

a. Asset source
b. Asset use
c. Asset exchange

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