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At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed.
First you collect the data from June 30th reconciliation as follows:
Balance per Bank$10,000
add: Deposits in Transit$6,300
deduct: Outstanding Cheques$(5,000)
Balance per Books$9,600
Second you close your update your Cash and bank account with all transactions recorded before AJE and you have:
Balance July 31$11,000
Deposits$8,500
Cheques$6,500
Third you look at the bank statement provided by your bank and you see the following:
Balance July 31$10,280
Deposits$13,000
Cheques$10,000
Note collected$700
Bank service charge$ 50
NSF cheque$1,000
Interest received$180
Autowithdrawals$250
Question 1: What is the amount of cheques written and paid in July?
Option 1: $5,000
Option 2: $3,500
Option 3: $10,000
Option 4: $6,500
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