Nickleson Company had an unadjusted cash balance of $6.351 as of May 31. The company's bank statement, also dated May 31, included a $88 NSF check written by one of Nickleson's customers. There were $764 in outstanding checks and $205 in deposits in transit as of May 31. According to the bank statement, service charges were $95, and the bank collected a $1,200 note receivable for Nickleson. The bank statement also showed $24 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
Nickleson Company had an unadjusted cash balance of $6.351 as of May 31. The company's bank statement, also dated May 31, included a $88 NSF check written by one of Nickleson's customers. There were $764 in outstanding checks and $205 in deposits in transit as of May 31. According to the bank statement, service charges were $95, and the bank collected a $1,200 note receivable for Nickleson. The bank statement also showed $24 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Nickleson Company had an unadjusted cash balance of $6.351 as of May 31. The company's bank statement, also dated May 31,
included a $88 NSF check written by one of Nickleson's customers. There were $764 in outstanding checks and $205 in deposits in
transit as of May 31. According to the bank statement, service charges were $95, and the bank collected a $1,200 note receivable for
Nickleson. The bank statement also showed $24 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 carh balance
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