Bishop Company wrote checks totaling $51,240 during October and $55,950 during November. $48,720 of these checks cleared the bank in October, and $54,660 cleared the bank in November. What was the amount of outstanding checks on November 30?

Question

Quizplus · Accepted Answer

The outstanding checks on November 30 are the checks written in November that have not yet cleared the bank. The total checks written in November are $55,950, and the checks that cleared the bank in November are $54,660. Therefore, the outstanding checks on November 30 are $55,950 - $54,660 = $1,290.

Bishop Company Wrote Checks Totaling $51,240 During October and $55,950