What the corrected cash balance is

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Question 1: Hazelton Manufacturing prepares a bank reconciliation at the end of every month. At the end of May, the general ledger checking account showed a balance of $1,550 and the bank statement showed a bank balance of $1,255. Outstanding checks totaled $445 and deposits in transit were $245. The bank statement listed service charges of $125 and NSF checks totaling $370. The corrected cash balance is:

Multiple Choice

Option 1: $560.

Option 2: $685.

Option 3: $1,055.

Option 4: $1,255.

Reference no: EM132584486

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