Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. nickleson company had an unadjusted cash balance o

Nickleson Company had an unadjusted cash balance of $9,347 as of May 31. The companys...

70.2K

Verified Solution

Question

Accounting

Nickleson Company had an unadjusted cash balance of $9,347 as of May 31. The companys bank statement, also dated May 31, included a $78 NSF check written by one of Nicklesons customers. There were $743 in outstanding checks and $230 in deposits in transit as of May 31. According to the bank statement, service charges were $60, and the bank collected an $1,050 note receivable for Nickleson. The bank statement also showed $16 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.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students