Nickleson Company had an unadjusted cash balance of $7,083 as of May 31. The company's bank statement, also dated May 31, included a $70 NSF check written by one of Nickleson's customers. There were $791 in outstanding checks and $235 in deposits in transit as of May 31. According to the bank statement, service charges were $35, and the bank collected a $1,300 note receivable for Nickleson. The bank statement also showed $8 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