Homework Help is Here – Start Your Trial Now!
Business
Accounting
Shelby Enterprises had checks outstanding totalling $18,200 on its July bank reconciliation. In August, Shelby Enterprises issued checks totalling $72,500. The August bank statement shows that $55,800 in checks cleared the bank in August. A check from one of Shelby Enterprises' customers in the amount of $400 was also returned marked "NSF." The amount of outstanding checks on Shelby Enterprises' August bank reconciliation should be: a. $71,000 b. $34,900 c. $50,900 d. $55,800

Shelby Enterprises had checks outstanding totalling $18,200 on its July bank reconciliation. In August, Shelby Enterprises issued checks totalling $72,500. The August bank statement shows that $55,800 in checks cleared the bank in August. A check from one of Shelby Enterprises' customers in the amount of $400 was also returned marked "NSF." The amount of outstanding checks on Shelby Enterprises' August bank reconciliation should be: a. $71,000 b. $34,900 c. $50,900 d. $55,800

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
See similar textbooks
icon
Related questions
Question

Please provide correct option for this financial accounting question

Shelby Enterprises had checks outstanding totalling $18,200 on its July bank reconciliation. In August, Shelby Enterprises issued checks totalling $72,500. The August bank statement shows that $55,800 in checks cleared the bank in August. A check from one of Shelby Enterprises' customers in the amount of $400 was also returned marked "NSF." The amount of outstanding checks on Shelby Enterprises' August bank reconciliation should be: a. $71,000 b. $34,900 c. $50,900 d. $55,800
Transcribed Image Text:Shelby Enterprises had checks outstanding totalling $18,200 on its July bank reconciliation. In August, Shelby Enterprises issued checks totalling $72,500. The August bank statement shows that $55,800 in checks cleared the bank in August. A check from one of Shelby Enterprises' customers in the amount of $400 was also returned marked "NSF." The amount of outstanding checks on Shelby Enterprises' August bank reconciliation should be: a. $71,000 b. $34,900 c. $50,900 d. $55,800
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS