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Nickleson Company had an unadjusted cash balance of $8,745 as of May 31. The company's...

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Accounting

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Nickleson Company had an unadjusted cash balance of $8,745 as of May 31. The company's bank statement, also dated May 31, included a $55 NSF check written by one of Nickleson's customers. There were $362 in outstanding checks and $295 in deposits in transit as of May 31. According to the bank statement, service charges were $70, and the bank collected a $650 note receivable for Nickleson. The bank statement also showed $17 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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