1. Elkins Company had checks outstanding totaling $5,400 on its June bank reconc
ID: 2362904 • Letter: 1
Question
1. Elkins Company had checks outstanding totaling $5,400 on its June bank reconciliation. In July, Elkins Company issued checks totaling $38,900. The July bank statement shows that $26,300 in checks cleared the bank in July. A check from one of Elkins Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Elkins Company's July bank reconciliation should be
Cash balance per books, 7/31$4,500
Deposits-in-transit150
Notes receivable and interest collected by bank850
Bank charge for check printing20
Outstanding checks2,000
NSF check170
The adjusted cash balance per books on July 31 is
1. Elkins Company had checks outstanding totaling $5,400 on its June bank reconciliation. In July, Elkins Company issued checks totaling $38,900. The July bank statement shows that $26,300 in checks cleared the bank in July. A check from one of Elkins Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Elkins Company's July bank reconciliation should be
A)$18,000.B)$17,700.
C)$7,200.
D)$12,600.
2.Gagne Company gathered the following reconciling information in preparing its July bank reconciliation:
Cash balance per books, 7/31$4,500
Deposits-in-transit150
Notes receivable and interest collected by bank850
Bank charge for check printing20
Outstanding checks2,000
NSF check170
The adjusted cash balance per books on July 31 is
A)$3,460.B)$3,310.
C)$5,160.
D)$5,010.
Hope you can show me the steps. Thank you so much.
Explanation / Answer
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