Nickleson Company had an unadjusted cash balance of $8,476 as of May 31. The company's bank statement, also dated May 31, included a $61 NSF check written by one of Nickleson's customers. There were $1,246 in outstanding checks and $260 in deposits in transit as of May 31. According to the bank statement, service charges were $35, and the bank collected an $1,000 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