The marketing firm Novak, Inc., had the following information available concerning its cash account for the month of May:
Balance per Novak’s books, May 31 ....... $1,375.21
Outstanding checks ................ 420.85
NSF check from customer ........... 50.00
Note collected by bank ............ 650.00
Deposits in transit .............. 215.50
Miscellaneous fees:
Charge for collection of note ........... 15.00
Order for checks ............... 12.50
Interest earned on bank account ........ . 4.62
Calculate the true cash balance as of May 31.