chapter 4 question 4

4 35 points eBook Nickleson Company had an unadjusted cash balance of $5,952 as of May 31. The company's bank statement, also dated May 31, included a $59 NSF check written by one of Nickleson's customers. There were $588 in outstanding checks and $280 in deposits in transit as of May 31. According to the bank statement, service charges were $20, and the bank collected a $700 note receivable for Nickleson. The bank statement also showed $17 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

Nickeson Company had an unadjusted cash balance of \$5,952 as of May 31 . The cornpany's bank statement, also dated May 31. included a $59 NSF check witten by one of Nickleson's customets. There were $588 in outstanding checks and $280 in deposits in transit as of May 31 According to the bank statement service charges were $20. and the bank collected a $700 note receivable for Nickleson. The bank statement also showed $17 of interest revenue earned by Nickdeson Required: Required: Defermine the true cash balance as of May 31 ( Hant it is not necessary to use all of the preceding tems to determine the true balance) Nickeson Company had an unadjusted cash balance of \$5,952 as of May 31 . The cornpany's bank statement, also dated May 31. included a $59 NSF check witten by one of Nickleson's customets. There were $588 in outstanding checks and $280 in deposits in transit as of May 31 According to the bank statement service charges were $20. and the bank collected a $700 note receivable for Nickleson. The bank statement also showed $17 of interest revenue earned by Nickdeson Required: Required: Defermine the true cash balance as of May 31 ( Hant it is not necessary to use all of the preceding tems to determine the true balance)