Nickleson Company had an unadjusted cash balance of $7,043 as of May 31. The company's bank statement, also dated May 31, included a $73 NSF check written by one of Nickleson's customers. There were $992 in outstanding checks and $200 in deposits in transit as of May 31. According to the bank statement, service charges were $80, and the bank collected a $850 note receivable for Nickleson. The bank statement also showed $21 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 $ 7,740