Nickleson Company had an unadjusted cash balance of $5,432 as of May 31. The company's bank statement, also dated May 31, included an NSF check in the amount of $77 written by one of Nickleson's customers. There were $312 in outstanding checks and $225 in deposits in transit as of May 31. According to the bank statement, service charges were $50, and the bank collected a note receivable of $900 for Nickleson. The bank statement also showed $7 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.)

True cash balance: $

63 Nickleson Company had an unadjusted cash balance of $5,432 as of May 31. The company's bank statement, also dated May 31 , included an NSF check in the amount of $77 written by one of Nickleson's customers. There were $312 in outstanding checks and $225 in deposits in transit as of May 31. According to the bank statement, service charges were $50, and the bank collected a note recelvable of $900 for Nickleson. The bank statement also showed $7 of interest revenue earned by Nickleson. Required