James Company Had Checks Outstanding Totaling $21,600 on Its June

Multiple Choice

James Company had checks outstanding totaling $21,600 on its June bank reconciliation. In July, James Company issued checks totaling $155,600. The July bank statement shows that $105,200 in checks cleared the bank in July. A check from one of James Company's customers in the amount of $1,200 was also returned marked "NSF." The amount of outstanding checks on James Company's July bank reconciliation should be

A) $50,400.
B) $72,000.
C) $70,800.
D) $28,800.