Determining the true cash balance, starting with the unadjusted book balance
Crumbley Company had an unadjusted cash balance of $6,450 as of May 31. The company’s bank statement, also dated May 31, included a $38 NSF check written by one of Crumbley’s customers. There were $548.60 in outstanding checks and $143.74 in deposits in transit as of May 31. According to the bank statement, service charges were $30, and the bank collected a $450 note receivable for Crumbley. The bank statement also showed $18 of interest revenue earned by Crumbley.
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.)
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