Nickleson Company had an unadjusted cash balance of $7,898 as of May 31. The company’s bank...
Nickleson Company had an unadjusted cash balance of $7,898 as of May 31. The company’s bank statement, also dated May 31, included a $79 NSF check written by one of Nickleson’s customers. There were $1,003 in outstanding checks and $250 in deposits in transit as of May 31. According to the bank statement, service charges were $95, and the bank collected an $1,450 note receivable for Nickleson. The bank statement also showed $9 of interest revenue earned by Nickleson. 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.)
Homework Answers
| Unadjusted cash balance | 7898 |
| -NSF check | -79 |
| -service charges | -95 |
| Note receivable collected | 1450 |
| Interest revenue | 9 |
| True cash balance | 9183 |
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