Determining the true cash balance, starting with the unadjusted book balance
Lee Company had an unadjusted cash balance of $7,850 as of April 30. The company’s bank statement, also dated April 30, included a $75 NSF check written by one of Lee’s customers. There were $920 in outstanding checks and S250 in deposits in transit as of April 30. According to the bank statement, service charges were $50, and the bank collected a $900 note receivable for Lee. The bank statement also showed $12 of interest revenue earned by Lee.
Required
Determine the true cash balance as of April 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
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