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Nickleson Company had an unadjusted cash balance of $6,735 as of May 31 . The company's bank statement, also dated May 31 , included a
Nickleson Company had an unadjusted cash balance of $6,735 as of May 31 . The company's bank statement, also dated May 31 , included a \$84 NSF check written by one of Nickleson's customers. There were $438 in outstanding checks and $280 in deposits in transit as of May 31 . According to the bank statement, service charges were $85, and the bank collected a $800 note receivable for Nickleson. The bank statement also showed $12 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 itums to determine the true balance)
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