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Question - 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
What the adjusted cash balance per the books on January 31?
a. $6,197
b. $6,923
c. $4,883
d. $5,871
e. $6,283
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