mckeel publishing had outstanding checks totaling $5,450 on its june bank reconciliation. in july, mckeel issued checks totaling $39,400. the july bank statement shows that $27,050 in checks cleared the bank in july. the amount of outstanding checks on mckeel's july bank reconciliation should be:

The critical accounting process known as bank reconciliation involves organizations comparing their bank statements with the transactions documented in their general ledger. Companies can prevent any bookkeeping or transactional issues by creating a bank reconciliation statement.

Account reconciliations can be done for either personal or professional purposes and take many different forms. Bank reconciliation, vendor reconciliation, business-specific reconciliation, intercompany reconciliation, and customer reconciliation are the five main categories of account reconciliation.

The amount of outstanding checks on McKee July Bank Reconciliation

Outstanding checks in June Bank Reconciliation $5,460.00

Add: Checks issued during July $39,500.00

Less: Checks cleared in July $27,200.00

Amount of outstanding checks on McKee July Bank Reconciliation $17,760.00.

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