The following information was taken from the bank reconciliation for Mooner Sooner Inc. at the end of the year:
Bank balance: $8,200
Checks outstanding: $7,700
Note collected by the bank: $1,700
Service fee: $28
Deposits outstanding: $4,500
NSF check (bad check) returned for $320
What is the correct cash balance that should be reported in Mooner Sooner’s balance sheet at the end of the year?