Exercise 6-12A (Algo) Determining the true cash balance, starting with the unadjusted book balance LO 6-3 Nickleson Company had an unadjusted cash balance of $9,554 as of May 31. The company's bank statement, also dated May 31, included a $80 NSF check written by one of Nickleson's customers. There were $402 in outstanding checks and $215 in deposits in transit as of May 31. According to the bank statement, service charges were $80, and the bank collected an $1,000 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.) True cash balance

Exercise 6-12A (Algo) Determining the true cash balance, starting with the unadjusted book balance LO 6-3 Nickleson Company had an unadjusted cash balance of $9,554 as of May 31. The company's bank statement, also dated May 31, included a $80 NSF check written by one of Nickleson's customers. There were $402 in outstanding checks and $215 in deposits in transit as of May 31. According to the bank statement, service charges were $80, and the bank collected an $1,000 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.) True cash balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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