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Osborn Company's unadjusted book balance at June 30, 2009 is $8,400. The company's bank statement reveals bank service charges of $75. Two credit memos are included in the bank statement: one for $1,500 which represents a collection of an account receivable that the bank made for Osborn and one for $70 which represents the amount of interest that Osborn had earned on its interest-bearing checking account in June. Based on this information, Osborn's true cash balance is:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9414380

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