Question
Nickleson Company had an unadjusted cash balance of $7,085 as of May 31. The company's bank statement, also dated May 31, included a $53 NSF
Nickleson Company had an unadjusted cash balance of $7,085 as of May 31. The company's bank statement, also dated May 31, included a $53 NSF check written by one of Nickleson's customers. There were $576 in outstanding checks and $285 in deposits in transit as of May 31. According to the bank statement, service charges were $35, and the bank collected a $1,200 note receivable for Nickleson. The bank statement also showed $16 of interest revenue earned by Nickleson.
What is the true balance?
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Management Accounting
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton
7th Edition
978-1760421144, 1760421146
