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Loren Company provided the following information: Balance per bank statement - May 31 Deposits outstanding Checks outstanding Correct bank balances - May 31 Balance per book - May 31 Bank service charge Correct book balance - May 31 June data are as follows: 2,600,000 300,000 ( 100,000) 2,800,000 2,810,000 ( 10,000) 2,800,000 Book Bank Checks recorded 2,200,000 2,500,000 Deposit recorded Service charge recorded Note collected by bank,P500,000 plus interest 1,600,000 1,800,000 50,000 550,000 NSF checks returned with June 30 statement 100,000 Balances 2,400,000 2,100,000 What is the amount of outstanding checks on June 30?

Loren Company provided the following information: Balance per bank statement - May 31 Deposits outstanding Checks outstanding Correct bank balances - May 31 Balance per book - May 31 Bank service charge Correct book balance - May 31 June data are as follows: 2,600,000 300,000 ( 100,000) 2,800,000 2,810,000 ( 10,000) 2,800,000 Book Bank Checks recorded 2,200,000 2,500,000 Deposit recorded Service charge recorded Note collected by bank,P500,000 plus interest 1,600,000 1,800,000 50,000 550,000 NSF checks returned with June 30 statement 100,000 Balances 2,400,000 2,100,000 What is the amount of outstanding checks on June 30?

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
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Loren Company provided the following information: Balance per bank statement - May 31 Deposits outstanding Checks outstanding Correct bank balances - May 31 Balance per book - May 31 Bank service charge Correct book balance - May 31 June data are as follows: 2,600,000 300,000 ( 100,000) 2,800,000 2,810,000 ( 10,000) 2,800,000 Book Bank Checks recorded 2,200,000 2,500,000 Deposit recorded Service charge recorded Note collected by bank,P500,000 plus interest 1,600,000 1,800,000 50,000 550,000 NSF checks returned with June 30 statement 100,000 Balances 2,400,000 2,100,000 What is the amount of outstanding checks on June 30?
Transcribed Image Text:Loren Company provided the following information: Balance per bank statement - May 31 Deposits outstanding Checks outstanding Correct bank balances - May 31 Balance per book - May 31 Bank service charge Correct book balance - May 31 June data are as follows: 2,600,000 300,000 ( 100,000) 2,800,000 2,810,000 ( 10,000) 2,800,000 Book Bank Checks recorded 2,200,000 2,500,000 Deposit recorded Service charge recorded Note collected by bank,P500,000 plus interest 1,600,000 1,800,000 50,000 550,000 NSF checks returned with June 30 statement 100,000 Balances 2,400,000 2,100,000 What is the amount of outstanding checks on June 30?
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