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29 June, 18:47

Sunland Company had checks outstanding totaling $9700 on its June bank reconciliation. In July, Sunland Company issued checks totaling $77900. The July bank statement shows that $76900 in checks cleared the bank in July. A check from one of Sunland Company's customers in the amount of $980 was also returned marked "NSF." The amount of outstanding checks on Sunland Company's July bank reconciliation should be:

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  1. 29 June, 21:38
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    amount of outstanding checks = $10700

    Explanation:

    given data

    outstanding totaling = $9700

    issued checks totaling = $77900

    checks cleared in July = $76900

    returned marked = $980

    solution

    amount of outstanding checks are here calculated as

    amount of outstanding checks = outstanding totaling + issued checks totaling - checks cleared in July ... 1

    put here value

    amount of outstanding checks = $9700 + $77900 - $76900

    amount of outstanding checks = $10700

    and here check $980 issued by a customer not Sunland Company
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