McKeel Publishing had outstanding checks totaling $7,560 on its June bank reconciliation.In July,McKeel issued checks totaling $54,460.The July bank statement shows that $36,820 in checks cleared the bank in July.The amount of outstanding checks on McKeel's July bank reconciliation should be:

Question

Quizplus · Accepted Answer

Remaining outstanding checks = Outstanding checks + Additional checks issued − Checks cleared
= $7,560 + $54,460 − $36,820 = $25,200

McKeel Publishing Had Outstanding Checks Totaling $7,560 on Its June