2. In preparing its May 31, 2017 bank reconciliation, Catt Co. has the following information available: Balance per bank statement, 5/31/17, $40,000 Deposit in transit, 5/31/17, $5,400 Outstanding checks, 5/31/17, $4,900 Note collected by bank in May, $1,250 The correct balance of cash at May 31, 2017 is