Q.7

Nickleson Company had an unadjusted cash balance of $9,717 as of May 31. The companys bank statement, also dated May 31, included a $66 NSF check written by one of Nicklesons customers. There were $1,073 in outstanding checks and $255 in deposits in transit as of May 31. According to the bank statement, service charges were $70, and the bank collected an $1,150 note receivable for Nickleson. The bank statement also showed $20 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: ?