Asked by DIVYNE PERRIN on Jul 17, 2024
Verified
In the month of November Louis Company Inc. wrote checks in the amount of $15800. In December checks in the amount of $25316 were written. In November $13966 of these checks were presented to the bank for payment and $21667 were presented in December. What is the amount of outstanding checks at the end of November?
A) $1834
B) $7701
C) $3649
D) $9516
Outstanding Checks
Checks that have been written and recorded in the payer's ledger but have not yet been cashed or processed by the recipient's bank.
Checks Presented
Refers to the cheques that have been submitted for payment by the payee to the bank but have not yet been cleared.
Checks Written
The act of creating checks as payments for expenses, purchases, or obligations by a business or individual.
- Perceive the process and significance of bank reconciliation operations.
- Absorb the theory of outstanding checks and their impact on the account's cash balance.
Verified Answer
Learning Objectives
- Perceive the process and significance of bank reconciliation operations.
- Absorb the theory of outstanding checks and their impact on the account's cash balance.
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