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Tanner Company had checks outstanding totalling $12,500 on its May bank reconciliation. In June, Tanner Company issued checks totalling $58,200. The June bank statement shows that $41,000 in checks cleared the bank in June. A check from one of Tanner Company's customers in the amount of $500 was also returned marked "NSF." The amount of outstanding checks on Tanner Company's June bank reconciliation should be:

Tanner Company had checks outstanding totalling $12,500 on its May bank reconciliation. In June, Tanner Company issued checks totalling $58,200. The June bank statement shows that $41,000 in checks cleared the bank in June. A check from one of Tanner Company's customers in the amount of $500 was also returned marked "NSF." The amount of outstanding checks on Tanner Company's June bank reconciliation should be:

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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Tanner Company had checks outstanding totalling $12,500 on its May bank reconciliation. In June, Tanner Company issued checks totalling $58,200. The June bank statement shows that $41,000 in checks cleared the bank in June. A check from one of Tanner Company's customers in the amount of $500 was also returned marked "NSF." The amount of outstanding checks on Tanner Company's June bank reconciliation should be:
Transcribed Image Text:Tanner Company had checks outstanding totalling $12,500 on its May bank reconciliation. In June, Tanner Company issued checks totalling $58,200. The June bank statement shows that $41,000 in checks cleared the bank in June. A check from one of Tanner Company's customers in the amount of $500 was also returned marked "NSF." The amount of outstanding checks on Tanner Company's June bank reconciliation should be:
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