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

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Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.