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24.James Company had checks outstanding totaling $21,600 on its June bank reconciliation. In July, James Company issued checks totaling $155.600. The July bank statement shows that $105,200 in checks cleared the bank in July. A check from one of James Company's customers in the amount of $1,200 was also returned marked "NSF." The amount or outstanding checks on James Company's July bank reconciliation should be a. $50,400. b. $72,000. e $70,800. d. $28,800.

24.James Company had checks outstanding totaling $21,600 on its June bank reconciliation. In July, James Company issued checks totaling $155.600. The July bank statement shows that $105,200 in checks cleared the bank in July. A check from one of James Company's customers in the amount of $1,200 was also returned marked "NSF." The amount or outstanding checks on James Company's July bank reconciliation should be a. $50,400. b. $72,000. e $70,800. d. $28,800.

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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24.James Company had checks outstanding totaling $21,600 on its June bank reconciliation. In July, James Company issued checks totaling $155.600. The July bank statement shows that $105,200 in checks cleared the bank in July. A check from one of James Company's customers in the amount of $1,200 was also returned marked "NSF." The amount or outstanding checks on James Company's July bank reconciliation should be a. $50,400. b. $72,000. e $70,800. d. $28,800.
Transcribed Image Text:24.James Company had checks outstanding totaling $21,600 on its June bank reconciliation. In July, James Company issued checks totaling $155.600. The July bank statement shows that $105,200 in checks cleared the bank in July. A check from one of James Company's customers in the amount of $1,200 was also returned marked "NSF." The amount or outstanding checks on James Company's July bank reconciliation should be a. $50,400. b. $72,000. e $70,800. d. $28,800.
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