Harris Company had checks outstanding totaling $15,400 on its May bank reconciliation. In June, Harris Company issued checks totaling $64,900. The June bank statement shows that $47,600 in checks cleared the bank in June. A check from one of Harris Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Harris Company's June bank reconciliation should be

Question

Quizplus · Accepted Answer

To calculate the outstanding checks on Harris Company's June bank reconciliation, we need to add the outstanding checks from May to the checks issued in June and then subtract the checks that cleared in June along with the returned NSF check.

Outstanding checks from May = $15,400
Checks issued in June = $64,900
Checks that cleared in June = $47,600
Returned NSF check = $300

Outstanding checks on June bank reconciliation = (Outstanding checks from May + Checks issued in June) - (Checks that cleared in June + Returned NSF check)
= ($15,400 + $64,900) - ($47,600 + $300)
= $80,300 - $47,900
= $32,700

Therefore, the amount of outstanding checks on Harris Company's June bank reconciliation is $32,700, and the correct choice is D.

Harris Company Had Checks Outstanding Totaling $15,400 on Its May