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Please help! Nickleson Company had an unadjusted cash balance of $10,092 as of May 31. The company's bank statement, also dated May 31, included a
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Nickleson Company had an unadjusted cash balance of $10,092 as of May 31. The company's bank statement, also dated May 31, included a $60 NSF check written by one of Nickleson's customers. There were $511 in outstanding checks and $225 in deposits in transit as of May 31. According to the bank statement, service charges were $35, and the bank collected a $850 note receivable for Nickleson. The bank statement also showed $15 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.) Step by Step Solution
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