5. The Tuck Company discounted its own 60-day note for $9,000 with the bank on December 20X0. The discount rate was 6%. The bookkeeper recorded the proceeds as a cash receipt at the face value of the note.
6. The bookkeeper records customers’ dishonored checks as a reduction of cash receipts. When the dishonored checks are redeposited, they are recorded as a regular cash receipt. Two NSF checks for $180 and $220 were returned by the bank during December. The $180 check was redeposited, but the $220 check was still on hand at December 31. Cancellations of Tuck Company checks are recorded by a reduction of cash disbursements.
7. December bank charges were $20. In addition, a $10 service charge was made in December for the collection of a foreign draft in November. These charges were not recorded on the books.
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