Reference no: EM132783746
The following information was included in the bank reconciliation for Reason Co. for July:
Checks & charges recorded by bank in July, including a 1,232,600
July service charge of P2,800
Service charge made by bank in June and recorded in 1,200
Books in July
Total credits to cash in all journals in July 1,222,000
Customer's NSF check returned as a bank charge in 6,000
July (no entry made in books)
Customer's NSF check returned in June, recorded by 15,000
The company in July
Outstanding checks in July 31 300,000
Checks issued in July for P20,000 recorded by the company as 2,000
Erroneous bank charge in July 20,000
Erroneous bank credit in June corrected in July 30,000
Erroneous bank receipt in June corrected in July 5,000
Problem 1: Assume all other reconciling items are listed above, what were the total outstanding checks at the end of June?
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