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Lynford Inc. had checks outstanding totaling $18,200 on its July bank reconciliation. In August, Lynford issued checks totaling $75,000. The August bank statement shows that $52,500 in checks cleared the bank during August. A check from one of Lynford's customers for $500 was returned marked NSF. What amount of outstanding checks should be reported on Lynford Inc.'s August bank reconciliation? a. $40,700 b. $23,300 c. $18,700 d. $41,200

Lynford Inc. had checks outstanding totaling $18,200 on its July bank reconciliation. In August, Lynford issued checks totaling $75,000. The August bank statement shows that $52,500 in checks cleared the bank during August. A check from one of Lynford's customers for $500 was returned marked NSF. What amount of outstanding checks should be reported on Lynford Inc.'s August bank reconciliation? a. $40,700 b. $23,300 c. $18,700 d. $41,200

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 3E
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Lynford Inc. had checks outstanding totaling $18,200 on its July bank reconciliation. In August, Lynford issued checks totaling $75,000. The August bank statement shows that $52,500 in checks cleared the bank during August. A check from one of Lynford's customers for $500 was returned marked NSF. What amount of outstanding checks should be reported on Lynford Inc.'s August bank reconciliation? a. $40,700 b. $23,300 c. $18,700 d. $41,200
Transcribed Image Text:Lynford Inc. had checks outstanding totaling $18,200 on its July bank reconciliation. In August, Lynford issued checks totaling $75,000. The August bank statement shows that $52,500 in checks cleared the bank during August. A check from one of Lynford's customers for $500 was returned marked NSF. What amount of outstanding checks should be reported on Lynford Inc.'s August bank reconciliation? a. $40,700 b. $23,300 c. $18,700 d. $41,200
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