DigDug Corporation had outstanding checks totaling $5,590 on its June bank reconciliation. In July, DigDug issued checks totaling $40,800. The July bank statement shows that $29,150 in checks cleared the bank in July. The amount of outstanding checks on DigDug's July bank reconciliation should be:

Outstanding checks on July bank reconciliation   $  17,240

Explanation:

Outstanding cheques are checks issued but which have not been cleared in the bank.

To compute the outstanding checks in the July bank reconciliation, the following equation is used:

Opening checks in June bank reconciliation        $    5,590

Add: Checks issued during the month                   $  40,800

Less: Checks cleared during the month                 $ ( 29,150)

Outstanding checks on July bank reconciliation   $  17,240

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