Nolan Company Had Checks Outstanding Totaling $7,200 on Its June

question 33

Multiple Choice

Nolan Company had checks outstanding totaling $7,200 on its June bank reconciliation.In July, Nolan Company issued checks totaling $51,900.The July bank statement shows that $32,400 in checks cleared the bank in July.A check from one of Nolan Company's customers in the amount of $400 was also returned marked "NSF." The amount of outstanding checks on Nolan Company's July bank reconciliation should be

• A)$19,500.
• B)$26,700.
• C)$26,300.
• D)$12,300.

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Definitions:

Monopoly

The exclusive possession or control of the supply of or trade in a commodity or service by a single company or group.

Mass Mediums

Channels or technologies used to deliver content to a large audience, such as television, radio, newspapers, and the internet.

Telegraph

A system for transmitting messages from a distance along a wire, especially one creating signals by making and breaking an electrical connection.

Radio

A technology for transmitting audio content wirelessly to a broad audience, historically significant in the development of mass media.