Question

Harris Company had checks outstanding totaling $15,400 on its May bank reconciliation. In June, Harris Company issued checks totaling $64,900. The June bank statement shows that $37,600 in checks cleared the bank in June. A check from one of Harris Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Harris Company's June bank reconciliation should be

Answer 1

Answer:

The amount of outstanding checks on Harris Company's June bank reconciliation should be $42700.

Explanation:

Outstanding amount of checks issued = Checks outstanding in beginning of June + Checks issued during the month of June - Checks cleared in June

= $15400  + $64900  - $37600

= $42700

Therefore, The amount of outstanding checks on Harris Company's June bank reconciliation should be $42700.