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HARRIS COMPANY HAD CHECKS OUTSTANDING TOTALLING $15,400 ON ITS MAY BANK RECONCILIATION. IN JUNE, HARRIS COMPANY ISSUED CHECKS TOTALLING $64,900. THE JUNE BANK STATEMENT SHOWS THAT $47,600 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 A. $63,000 B. $32,700 C. $49,500 D. $47,600

HARRIS COMPANY HAD CHECKS OUTSTANDING TOTALLING $15,400 ON ITS MAY BANK RECONCILIATION. IN JUNE, HARRIS COMPANY ISSUED CHECKS TOTALLING $64,900. THE JUNE BANK STATEMENT SHOWS THAT $47,600 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 A. $63,000 B. $32,700 C. $49,500 D. $47,600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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HARRIS COMPANY HAD CHECKS OUTSTANDING TOTALLING $15,400 ON ITS MAY BANK RECONCILIATION. IN JUNE, HARRIS COMPANY ISSUED CHECKS TOTALLING $64,900. THE JUNE BANK STATEMENT SHOWS THAT $47,600 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 A. $63,000 B. $32,700 C. $49,500 D. $47,600
Transcribed Image Text:HARRIS COMPANY HAD CHECKS OUTSTANDING TOTALLING $15,400 ON ITS MAY BANK RECONCILIATION. IN JUNE, HARRIS COMPANY ISSUED CHECKS TOTALLING $64,900. THE JUNE BANK STATEMENT SHOWS THAT $47,600 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 A. $63,000 B. $32,700 C. $49,500 D. $47,600
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