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pochemuha
3 years ago
12

Pharoah Company had checks outstanding totaling $42200 on its May bank reconciliation. In June, Pharoah Company issued checks to

taling $263900. The June bank statement shows that $196400 in checks cleared the bank in June. A check from one of Pharoah Company's customers in the amount of $2000 was also returned marked "NSF." The amount of outstanding checks on Pharoah Company's June bank reconciliation should be
Business
1 answer:
notka56 [123]3 years ago
5 0

Answer:

$109,700

Explanation:

Pharoah Company Outstanding checks on bank reconciliation:

Formula for Outstanding checks on bank reconciliation will be:

Outstanding checks on bank reconciliation = Total checks outstanding+Checks issued during month -checks cleared during the month

Hence,

= $42,200+$263,900-$196,400

= $109,700

Therefore the amount of outstanding checks on Pharoah Company's bank reconciliation should be $109,700

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Answer:

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Explanation:

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