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Nickleson Company had an unadjusted cash balance of $4,576 as of May 31. The company's bank statement, also dated May 31, included a $92 NSF
Nickleson Company had an unadjusted cash balance of $4,576 as of May 31. The company's bank statement, also dated May 31, included a $92 NSF check written by one of Nickleson's customers. There were $1,126 in outstanding checks and $265 in deposits in transit as of May 31. According to the bank statement, service charges were $80, and the bank collected a $600 note receivable for Nickleson. The bank statement also showed $19 of interest revenue earned by Nickleson. Required Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
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