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Exercise 6-12A Determining the true cash balance, starting with the unadjusted book balance LO 6-3...

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Exercise 6-12A Determining the true cash balance, starting with the unadjusted book balance LO 6-3 Nickleson Company had an unadjusted cash balance of $5,305 as of May 31. The company's bank statement, also dated May 31, included a $70 NSF check written by one of Nickleson's customers. There were $573 in outstanding checks and $265 in deposits in transit as of May 31. According to the bank statement service charges were $60, and the bank collected an $1,150 note receivable for Nickleson. The bank statement also showed $10 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.) True cash balance

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