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Elkins Company had checks outstanding totaling $5,400 on its June bank reconciliation. In July, Elkins Company issued checks totaling $38,900. The July bank statement shows that $26,300 in checks cleared the bank in July. A check from one of Elkins Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Elkins Company's July bank reconciliation should be:

a. $12,600.

b. $18,000.

c. $17,700.

d. $7,200.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M995533

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