Nickleson Company had an unadjusted cash balance of $6,216 as of May 31. The company's bank statement, also dated May 31, included a $55 NSF check written by one of Nickleson's customers. There were $395 in outstanding checks and $250 in deposits in transit as of May 31. According to the bank statement, service charges were $80, and the bank collected a $700 note receivable for Nickleson. The bank statement also showed $17 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