Nickleson Company had an unadjusted cash balance of $8,276 as of May 31. The companys bank statement, also dated May 31, included a $97 NSF check written by one of Nicklesons customers. There were $606 in outstanding checks and $220 in deposits in transit as of May 31. According to the bank statement, service charges were $60, and the bank collected a $850 note receivable for Nickleson. The bank statement also showed $9 of interest revenue earned by Nickleson.

Nickleson Company had an unadjusted cash balance of $8,276 as of May 31 . The company's bank statement, also dated May 31 , included a $97 NSF check written by one of Nickleson's customers. There were $606 in outstanding checks and $220 in deposits in transit as of May 31. According to the bank statement, service charges were $60, and the bank collected a $850 note receivable for Nickleson. The bank statement also showed $9 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.)