On September 30, the bank statement of Fine Company showed a balance of $10,500. The...
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Accounting
On September 30, the bank statement of Fine Company showed a balance of $10,500. The following infomation was revealed by comparing the bank statement to the cash balance in Fine's accounting records: - Deposits in transit amounted to $4,350 - Outstanding checks amounted to $8,040 - A $670 check was incorrectly drawn on Fine's account - NSF checks returned by the bank were $1,030 - Bank service charge was $37 - Credit memo for $135 for the collection of one of the company's account recelvable Based on the above information, the true cash balance was: Multiple Choice $8,448 $7,480. 57,578 56,548
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