medium · Financial Accounting assets
A company wrote a check for $500 on December 31 to pay a supplier but did not mail it until January 3.
Should this check be considered an outstanding check on the December 31 bank reconciliation?
- Yes, because the check was written and recorded in the journal on December 31
- No, because the company still has physical custody and control of the cash
- No, because it is considered a post-dated check
- Yes, because it will eventually clear the bank
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