Business, 09.03.2020 23:35 Yellowjacket3166

1. Nickleson Company had an unadjusted cash balance of $9,586 as of May 31. 2. The company’s bank statement, also dated May 31, included a $98 NSF check written by one of Nickleson’s customers.
3. There were $1,461 in outstanding checks and $210 in deposits in transit as of May 31.
4. According to the bank statement, service charges were $25, and the bank collected a $700 note receivable for Nickleson.
5. The bank statement also showed $18 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.)

Answers: 1

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1. Nickleson Company had an unadjusted cash balance of $9,586 as of May 31. 2. The company’s bank st...

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