Minor Company had checks outstanding totaling $5,350 on its April bank reconciliation. In May, Minor Company...
Minor Company had checks outstanding totaling $5,350 on its April bank reconciliation. In May, Minor Company issued checks totaling $39,125. The May bank statement shows that $25,600 in checks cleared the bank in May. A check from one of Minor Company's customers of $643 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be
a. $64,725
b. $20,250
c. $18,232
d. $18,875
Homework Answers
Outstanding checks on bank reconciliation
= Total checks outstanding+Checks issued during month -checks cleared during the month
= 5350+39125-25600
= 18875
Option D
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