Question - In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information:
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Cash balance per company books on January 30
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$4,725
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Deposits in transit at month-end
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$1,800
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Outstanding checks at month-end
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$520
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Bank service charges
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$25
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EFT automatically paid monthly, not yet recorded by Maxi
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$380
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An NSF check returned on a customer account
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$265
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The adjusted cash balance per the books on January 31 is:
$5,855
$5,335
$4,055
$4,815
$4,585