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In the month of May, Waterway Company Inc. wrote checks in the amount of $56000. In June, checks in the amount of $75600 were written. In May, $49100 of these checks were presented to the bank for payment, and $65300 in June. What is the amount of outstanding checks at the end of June?

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The total amount of unpaid cheques just at end of the month was $2,557.

What long is a cheque that is still unpaid valid?

The validity period for payroll, business, and personal checks is 6 months (180 days). Some businesses pre-print on their checks, "void after 90 days."The pre-printed phrase is intended to urge individuals should deposit or cash their check as soon as possible even though the majority of institutions will honour those checks lasting up to 180 days.

Why is money taken out of unpaid checks?

These checks are known as outstanding checks, and they lead to an overstatement of the firm's actual cash position on the bank statement. Outstanding checks must be deducted from the balance on the bank statement because they were already recorded as cash disbursements in the company's books..

To know more about  outstanding checks visit:

https://brainly.com/question/1442615

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