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While preparing the bank reconciliation, you notice that a check, written by the company for $720, has been outstanding for 5 months. What is the
While preparing the bank reconciliation, you notice that a check, written by the company for $720, has been outstanding for 5 months. What is the best action for you to take?
a. Void the check. If it has not been cashed in 5 months, it will never be cashed.
b. Wait 3 more months to give the bank more time to clear the check.
c. Issue a replacement check because you assume the original check has been lost.
d. Investigate to determine why the check has not cleared.
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