Nickleson Company had an unadjusted cash balance of $8,516 as of May 31. The company's bank statement, also dated May 31, included a $99 NSF check written by one of Nickleson's customers. There were $600 in outstanding checks and $225 in deposits in transit as of May 31. According to the bank statement, service charges were $80, and the bank collected an $650 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

Nickleson Company had an unadjusted cash balance of $8,516 as of May 31. The company's bank statement, also dated May 31, included a $99 NSF check written by one of Nickleson's customers. There were $600 in outstanding checks and $225 in deposits in transit as of May 31. According to the bank statement, service charges were $80, and the bank collected an $650 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

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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