Question Content AreaMinor Company had checks outstanding totaling $5,243 on its April bank reconciliation. In May, Minor Company issued checks totaling $38,104. The May bank statement shows that $26,997 in checks cleared the bank in May. A check from one of Minor Company's customers of $380 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should bea.$15,970b.$65,101c.$16,350d.$21,754

Outstanding checks are those checks which have not yet been presented and cleared by the bank for…

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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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Minor Company had checks outstanding totaling $5,243 on its April bank reconciliation. In May, Minor Company issued checks totaling $38,104. The May bank statement shows that $26,997 in checks cleared the bank in May. A check from one of Minor Company's customers of $380 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be

a.$15,970

b.$65,101

c.$16,350

d.$21,754

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