On September 30, 2016, 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: $7, 480. $7, 578. $8, 448. $6, 548