Can you explain the correct methodology to solve this general accounting problem? Meadowbrook Inc. had checks outstanding totalling $18,700 on its April bankreconciliation. In May, Meadowbrook Inc. issued checks totalling $72,500. The Maybank statement shows that $52,600 in checks cleared the bank in May. A check fromone of Meadowbrook's customers in the amount of $400 was also returned marked"NSF."The amount of outstanding checks on Meadowbrook Inc.'s May bank reconciliationshould be:a. $38,600b. $18,700c. $59,800d. $38,100

To calculate the outstanding checks on Meadowbrook Inc.'s May bank reconciliation, follow these…

Answered: Meadowbrook Inc. had checks outstanding…

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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Similar questions

The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.
The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
The bank reconciliation shows the following adjustments. Deposits in transit: $526 Outstanding checks: $328 Bank charges: $55 NSF checks: $69 Prepare the correcting journal entry.
Dekin Company had checks outstanding totaling $6,400 on its May bank reconciliation. In June, Dekin Company issued checks totaling $39,900. The July bank statement shows that $29,700 in checks cleared the bank in July. A check from one of Dekin Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Dekin Company's July bank reconciliation should be which of the following? A. $19,600 B. $10,200 C. $16,600 D. $3,800
Minor Company had checks outstanding totaling $5,722 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,711. The May bank statement shows that $25,332 in checks cleared the bank in May. A check of $467 from one of Minor Company's customers was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a.$22,101b.$21,634c.$19,610d.$67,043
Minor Company had checks outstanding totaling $4,889 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,278. The May bank statement shows that $26,319 in checks cleared the bank in May. A check from one of Minor Company's customers of $451 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a. $67,597 b. $21,430 c. $19,848 d. $19,397
Harris Company had checks outstanding totaling $4,883 on its May bank reconciliation. In June, Harris Company issued checks totaling $39,485. The June bank statement shows that $26,185 in checks cleared the bank in June. A check from one of Harris Company's customers of $845 was also returned marked "NSF." Determine the amount of outstanding checks on Harris Company's June bank reconciliation. Select the correct answer. $65,670 $17,338 $21,302 $18,183
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