NSF - from Hosta, Inc. Vector Management Group Bank...

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NSF (not sufficient funds) checks.  A check previously recorded as part of a deposit may bounce  because there are not sufficient funds in the issuer's checking account. When this happens, the bank  returns the check to the depositor and deducts the check amount from the depositor's account  Therefore, NSF checks must be subtracted from the company's book balance on the bank  reconciliation. The Vector Management Group's bank statement includes an NSF check for $345 
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Unformatted text preview: from Hosta, Inc. Vector Management Group Bank Reconciliation April 30,20X8 Bank statement balance $8,202 Book balance $6,370 Add: Deposits in transit Add: Note collection plus interest less bank fee $1,565 Interest earned 18 Less: Outstanding checks 1564 245 Safe-deposit box 1565 108 rental 50 1570 359 NSF Hosta, Inc. 345 1571 802 1572 1,409 (3,980) Adjusted bank balance...
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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NSF - from Hosta, Inc. Vector Management Group Bank...

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