On September 30, the bank statement of Fine Company showed a balance of $10.500. The following...

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On September 30, the bank statement of Fine Company showed a balance of $10.500. The following information 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 receivable . . Based on the above information, the true cash balance was? On September 30, the bank statement of Fine Company showed a balance of $10.500. The following information 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 receivable . . Based on the above information, the true cash balance was?

Answer rating: 100% (QA)

To determine the true cash balance we need to make adjustments to th... View the full answer