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:

Social Harmony

A state of peaceful coexistence and mutual respect among individuals within a society or group, often characterized by a lack of conflict and cooperation towards common goals.

Self-esteem

One's overall subjective emotional evaluation of their own worth.

Self-serving Bias

A cognitive bias that causes individuals to attribute their successes to internal factors while attributing failures to external factors.

Spotlight Effect

The tendency to overestimate the extent to which others notice and evaluate our appearance, performance, and mistakes.