On Eli Corp's June bank reconciliation, cheques outstanding totaled $5,400. In July, the corporation issued cheques totalling $38,900. The July bank statement shows that $26,300 in cheques cleared the bank in July. A cheque from one of Eli Corp's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding cheques on Eli's July bank reconciliation should be

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The outstanding cheques on Eli's July bank reconciliation should be $18,000. This is calculated by adding the cheques outstanding from the June bank reconciliation ($5,400) to the cheques issued in July ($38,900) and then subtracting the cheques that cleared the bank in July ($26,300) and the NSF cheque ($300).

On Eli Corp's June Bank Reconciliation, Cheques Outstanding Totaled $5,400