Chapter 6: Homework 5 6.66 points eBook Hint Print References Saved Help True cash balance Save & Exit Submit Check my work Nickleson Company had an unadjusted cash balance of $7,750 as of May 31. The company's bank statement, also dated May 31, included an NSF check in the amount of $72 written by one of Nickleson's customers. There were $800 in outstanding checks and $950 in deposits in transit as of May 31. According to the bank statement, service charges were $50, and the bank collected a note receivable of $800 for Nickleson. The bank statement also showed $13 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.) 2

Nickleson Company had an unadjusted cash balance of $7,750 as of May 31. The company's bank statement, also dated May 31 , included an NSF check in the amount of $72 written by one of Nickleson's customers. There were $800 in outstanding checks and $950 in deposits in transit as of May 31 . According to the bank statement, service charges were $50, and the bank collected a note recelvable of $800 for Nickleson. The bank statement also showed $13 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.)