On September 30 the bank statement of Fine Company showed a balance of $12,100. The following information was revealed by comparing the bank statement to the cash balance in Fine's accounting records: • Deposits in transit amounted to $4,950 • Outstanding checks amounted to $8,960 • A $730 check was incorrectly drawn on Fine's account • NSF checks returned by the bank were $1,170 • The bank service charge was $41 • Credit memo for $165 for the collection of one of the company's account receivable What is the true cash balance? Multiple Choice O O O $7,774 $8,820 $8,944 $9,374
On September 30 the bank statement of Fine Company showed a balance of $12,100. The following information was revealed by comparing the bank statement to the cash balance in Fine's accounting records: • Deposits in transit amounted to $4,950 • Outstanding checks amounted to $8,960 • A $730 check was incorrectly drawn on Fine's account • NSF checks returned by the bank were $1,170 • The bank service charge was $41 • Credit memo for $165 for the collection of one of the company's account receivable What is the true cash balance? Multiple Choice O O O $7,774 $8,820 $8,944 $9,374
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 3E
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![On September 30 the bank statement of Fine Company showed a balance of $12,100. The following information was revealed by comparing the bank statement to the
cash balance in Fine's accounting records:
• Deposits in transit amounted to $4,950
Outstanding checks amounted to $8,960
• A $730 check was incorrectly drawn on Fine's account
• NSF checks returned by the bank were $1,170
• The bank service charge was $41
• Credit memo for $165 for the collection of one of the company's account receivable
●
What is the true cash balance?
Multiple Choice
$7,774
$8,820
$8,944
$9,374](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F98cdd744-22e3-40ee-944f-fd69faffa029%2F5ee9b12b-7550-42b0-852d-ed6ce546da01%2Fikd3r78_processed.png&w=3840&q=75)
Transcribed Image Text:On September 30 the bank statement of Fine Company showed a balance of $12,100. The following information was revealed by comparing the bank statement to the
cash balance in Fine's accounting records:
• Deposits in transit amounted to $4,950
Outstanding checks amounted to $8,960
• A $730 check was incorrectly drawn on Fine's account
• NSF checks returned by the bank were $1,170
• The bank service charge was $41
• Credit memo for $165 for the collection of one of the company's account receivable
●
What is the true cash balance?
Multiple Choice
$7,774
$8,820
$8,944
$9,374
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