Nickleson Company had an unadjusted cash balance of $5,782 as of May 31. The company's bank statement, also dated May 31, Included a $70 NSF check written by one of Nickleson's customers. There were $706 in outstanding checks and $295 in deposits in transit as of May 31. According to the bank statement, service charges were $65, and the bank collected a $1,150 note receivable for Nickleson. The bank statement also showed $22 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.) Answer is complete but not entirely correct. True cash balance $ 7,089 Nickleson Company had an unadjusted cash balance of $5,782 as of May 31. The company's bank statement, also dated May 31, included a $70 NSF check written by one of Nickleson's customers. There were $706 in outstanding checks and $295 in deposits in transit as of May 31. According to the bank statement, service charges were $65, and the bank collected a $1,150 note receivable for Nickleson. The bank statement also showed $22 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.) Answer is complete but not entirely correct. True cash balance S 7,089