Peterson Company's general ledger shows a cash balance of $7,400 on May 31 . May cash receipts of $1,240, included in the general ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1 . The bank statement dated May 31 shows an NSF check from a customer for $150 and a service fee of $90. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,870. The bank statement shows a balance of $7,790 on May 31. Required: Prepare a bank reconciliation to calculate the correct balance of cash on May 31. (Amounts to be deducted should be indicated with o minus sign.)