Nickleson Company had an unadjusted cash balance of $9,116 as of May 31. The company's bank statement, also dated May 31, included a $92 NSF check written by one of Nickleson's customers. There were $1,078 in outstanding checks and $250 in deposits in transit as of May 31. According to the bank statement, service charges were $100, and the bank collected a $900 note receivable for Nickleson. The bank statement also showed $18 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 $9,116 as of May 31. The company's bank statement, also dated May 31, included a $92 NSF check written by one of Nickleson's customers. There were $1,078 in outstanding checks and $250 in deposits in transit as of May 31. According to the bank statement, service charges were $100, and the bank collected a $900 note receivable for Nickleson. The bank statement also showed $18 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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![Nickleson Company had an unadjusted cash balance of $9,116 as of May 31. The company's bank statement, also dated May 31,
included a $92 NSF check written by one of Nickleson's customers. There were $1,078 in outstanding checks and $250 in deposits in
transit as of May 31. According to the bank statement, service charges were $100, and the bank collected a $900 note receivable for
Nickleson. The bank statement also showed $18 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8748f7ca-e33e-4d59-8763-23d0650cab9c%2Ff8ffdaa4-71f2-46b5-8416-aae32800baa8%2Fbjrlslo_processed.png&w=3840&q=75)
Transcribed Image Text:Nickleson Company had an unadjusted cash balance of $9,116 as of May 31. The company's bank statement, also dated May 31,
included a $92 NSF check written by one of Nickleson's customers. There were $1,078 in outstanding checks and $250 in deposits in
transit as of May 31. According to the bank statement, service charges were $100, and the bank collected a $900 note receivable for
Nickleson. The bank statement also showed $18 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
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