Nickleson Company had an unadjusted cash balance of $7,340 as of May 31. The company's bank statement, also dated May 31 , included a \$87 NSF check written by one of Nickleson's customers. There were $648 in outstanding checks and $230 in deposits in transit as of May 31. According to the bank statement, service charges were $25, and the bank collected an $650 note receivable for Nickleson. The bank statement also showed $19 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.) Answer is complete but not entirely correct