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Outstanding checks refer to checks that have been: Written, recorded, sent to payees, and received and paid by the bank
Outstanding checks refer to checks that have been: Written, recorded, sent to payees, and received and paid by the bank. Written and not yet recorded in the company books. Held as blank checks. Written, recorded on the company books, sent to the payee, but have not yet been paid by the bank. Issued by the bank.
Expert Solution
Answer :- Option D). Written, recorded on the company books, sent to the payee, but have not yet been paid by the bank.
Explanation :- Outstanding check means the check which is written by the firm / company and the check written is immediately recorded on the credit side of the bank column of the cash book and the check also sent to payee (receiver), however the check has not been cleared / paid by the bank yet when presented to the bank for the payment by the payee.
Conclusion :- Written, recorded on the company books, sent to the payee, but have not yet been paid by the bank. (Option D).
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