On Eli Corp's June Bank Reconciliation, Cheques Outstanding Totaled $5,400

Multiple Choice

On Eli Corp's June bank reconciliation, cheques outstanding totaled $5,400. In July, the corporation issued cheques totaling $38,900. The July bank statement shows that $26,300 in cheques cleared the bank in July. A cheque from one of Eli Corp's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding cheques on Eli's July bank reconciliation should be

A) $7,200.
B) $12,600.
C) $17,700.
D) $18,000.