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