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In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information:
| | |
| Cash balance per company books on January 30 | $ | 5,925 |
| Deposits in transit at month-end | $ | 2,040 |
| Outstanding checks at month-end | $ | 640 |
| Bank service charges | $ | 37 |
| EFT automatically deducted monthly, not yet recorded by Maxi | $ | 620 |
| An NSF check returned on a customer account | $ | 385 |
| |
The adjusted cash balance per the books on January 31 is:
Multiple Choice
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$6,283
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$6,197
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$4,883
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$5,871
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$6,923
Answer & Explanation
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