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A bank reconciliation contains two deposits in transit, both dated 12/29/2019. Both deposits are material, and both deposits cleared the cutoff bank statement on 1/7/2020.

A bank reconciliation contains two deposits in transit, both dated 12/29/2019. Both deposits are material, and both deposits cleared the cutoff bank statement on 1/7/2020. Should the auditor conclude that the cash balance is fairly stated as of year-end?

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