Homework Answers
| A deposit in transit | Added to cash balance per bank |
| A NSF check received from a customer | Deducted from cash balance per book |
| A check- printing charge | Deducted from cash balance per book |
| A deposit for $175 listed incorrectly on the bank state as $157 | Added to cash balance per book |
| A check written for $36.60 and recorded incorrectly in the checkbook as 360.30. | Deducted from cash balance per bank |
| A outstanding check | Deducted from cash balance per book |
| A check written for $63.54 and recorded incorrectly in the checkbook as $63.45 | Deducted from cash balance per book |
| Collection expense charged by bank | Deducted from cash balance per book |
When a check is returned on NSF, it has the following effects:
- Accounts receivable increase since the payment was not realized from customer.
- Cash balance decrease.
Hence, the entry to record NSF check would be:
Debit accounts receivable accounts for $190 and credit cash account for $190.
Correct option is b.
Kindly comment if you need further assistance. Thanks‼!
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Egrane, Inc.'s monthly bank statement showed the ending balance
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checks of $1,600, a NSF check of $560, bank service charges of $24
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Egrane, Inc.'s monthly bank statement showed the ending balance
of cash of $14,800. The bank reconciliation for the period showed
an adjustment for a deposit in transit of $1,200, outstanding
checks of $1,600, a NSF check of $560, bank service charges of $24
and the EFT from a customer in payment of the customer's account of
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What journal entry should be recorded by Egrane for the NSF
check returned?
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