Pen Paint Company's unadjusted book balance at September 30 is $6,860. The Company's bank statement reveals bank service charges of $40. Two credit memos are included in the bank statement: one for $710 which represents a collection of an account receivable that the bank made for Pen Paint and one for $110 which represents the amount of interest that Pen Paint had earned on its interest-bearing checking account in June. Finally, a comparison of the Company's records with the bank statement revealed $590 of deposits in transit and $320 of outstanding checks. Based on this information, Pen Paint's true cash balance is: Multiple Choice $7,850 O $7,640. O O $7,680. O None of these answer choices are correct