Nickleson Company had an unadjusted cash balance of $ as of May The companys bank statement, also dated May included an NSF check in the amount of $ written by one of Nicklesons customers. There were $ in outstanding checks and $ in deposits in transit as of May According to the bank statement, service charges were $ and the bank collected a note receivable of $ for Nickleson. The bank statement also showed $ of interest revenue earned by Nickleson.

Required

Determine the true cash balance as of May Hint: It is not necessary to use all of the preceding items to determine the true balance.