Question

Minor Company had checks outstanding totaling $19,200 on its April bank reconciliation. In May, Minor Company issued checks totaling $64,900. The May bank statement shows that $47,600 in checks cleared the bank in May. A check from one of Minor Company's customers of $300 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be

Answer 1

Answer:

Outstanding checks in end of May = $36500  

Explanation:

given data

outstanding totaling = $19,200

checks totaling = $64,900

checks cleared = $47,600

returned marked NSF = $300

to find out

amount of outstanding checks on Minor Company bank reconciliation

solution

we know here that outstanding checks in April = $19200  

so Total checks in  clearing is

Total checks in clearing  = outstanding checks + Checks issued in may

Total checks in clearing  = $19200 + $64900

Total checks in clearing = $84100

so

Outstanding checks at the end of May is

Outstanding checks in may = Total checks in clearing - Checks cleared in may

Outstanding checks in may =  $84100 - $47600

Outstanding checks in end of May = $36500