On September 30 the bank statement of Fine Company showed a balance of $8450. The following information was revealed by comparing the bank statement to the cash balance in Fine's accounting records:Deposits in transit amounted to $3615 Outstanding checks amounted to $6950 A $600 check was incorrectly drawn on Fine's account NSF checks returned by the bank were $860 The bank service charge was $33 Credit memo for $100 for the collection of one of the company's account receivable What is the true cash balance?

A. $5782
B. $7357
C. $5715
D. $4922


Answer: C

Business

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