Lee Company had an unadjusted cash balance of ($7,850) as of April 30. The companys bank statement,
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Lee Company had an unadjusted cash balance of \($7,850\) as of April 30. The company’s bank statement, also dated April 30, included a \($75\) NSF check written by one of Lee’s customers. There were \($920\) in outstanding checks and \($250\) in deposits in transit as of April 30. According to the bank statement, service charges were \($50\), and the bank collected a \($900\) note receivable for Lee. The bank statement also showed \($12\) of interest revenue earned by Lee.
Required:
Determine the true cash balance as of April 30.
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