Lackey Company wrote checks totaling $25,620 during October and $27,976 during November. $24,360 of these checks cleared the bank in October, and $27,330 cleared the bank in November. What was the amount of outstanding checks on November 30?
A) $1,906.
B) $346.
C) $916.
D) $2,970.

Question

Quizplus · Accepted Answer

The outstanding checks on November 30 are calculated as follows: Total checks written by November = $25,620 (October) + $27,976 (November) = $53,596. Total checks cleared by November = $24,360 (October) + $27,330 (November) = $51,690. Outstanding checks = $53,596 - $51,690 = $1,906.

Lackey Company Wrote Checks Totaling $25,620 During October and $27,976