Nickleson Company had an unadjusted cash balance of $9,347 as of May 31. The companys bank statement, also dated May 31, included a $78 NSF check written by one of Nicklesons customers. There were $743 in outstanding checks and $230 in deposits in transit as of May 31. According to the bank statement, service charges were $60, and the bank collected an $1,050 note receivable for Nickleson. The bank statement also showed $16 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.)