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McKeel Publishing had outstanding checks totaling $5,400 on its June bank reconciliation. In July, McKeel issued checks totaling $38,900. The July bank statement shows that $26,300 in checks cleared the bank in July. The amount of outstanding checks on McKeel's July bank reconciliation should be:

Respuesta :

Answer:

The amount of outstanding checks on McKeel's July bank reconciliation should be $18,000

Explanation:

The computation of the amount of outstanding checks is shown below:

=  Outstanding Checks balance of June + issued checks in the month of July  - check cleared in the month of July

= $5,400 + $38,900 - $26,300

= $18,000

For computing the accurate balance, we deducted the cleared checks and added the issued checks in the June balance of the outstanding checks

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