Nickleson Company had an unadjusted cash balance of $5,358 as of May 31. The companys...
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Nickleson Company had an unadjusted cash balance of $5,358 as of May 31. The companys bank statement, also dated May 31, included a $59 NSF check written by one of Nicklesons customers. There were $1,016 in outstanding checks and $255 in deposits in transit as of May 31. According to the bank statement, service charges were $40, and the bank collected a $1,250 note receivable for Nickleson. The bank statement also showed $23 of interest revenue earned by Nickleson. Required Determine the true cash balance as of May 31.
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