Ross incorporated is reviewing the month-end bank statement which shows a balance of $58,000. Upon review, it was identified there is $18,000 of outstanding cheques, a deposit of $5,000 was in transit at month, and a cheque for $700 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is a) $44,300. b) $34,300. c) $45,700. d) $71,700.