Nickleson Company had an unadjusted cash balance of $9,497 as of May 31. The company's bank statement, also dated May 31, included a $61 NSF check written by one of Nickleson's customers. There were $1,024 in outstanding checks and $240 in deposits in transit as of May 31. According to the bank statement, service charges were $95, and the bank collected a $700 note receivable for Nickleson. The bank statement also showed $25 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 $9,497 as of May 31. The company's bank statement, also dated May 31, included a $61 NSF check written by one of Nickleson's customers. There were $1,024 in outstanding checks and $240 in deposits in transit as of May 31. According to the bank statement, service charges were $95, and the bank collected a $700 note receivable for Nickleson. The bank statement also showed $25 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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