Nickleson Company had an unadjusted cash balance of $6,993 as of May 31. The companys bank statement, also dated May 31, included a $90 NSF check written by one of Nicklesons customers. There were $1,238 in outstanding checks and $290 in deposits in transit as of May 31. According to the bank statement, service charges were $85, and the bank collected a $1,250 note receivable for Nickleson. The bank statement also showed $14 of interest revenue earned by Nickleson.

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.)

Required