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Nickleson Company had an unadjusted cash balance of $9,432 as of May 31. The company's...

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Accounting

Nickleson Company had an unadjusted cash balance of $9,432 as of May 31. The company's bank statement, also dated May 31, included a $93 NSF check written by one of Nickleson's customers. There were $1,072 in outstanding checks and $230 in deposits in transit as of May 31. According to the bank statement, service charges were $35, and the bank collected an $1,400 note receivable for Nickleson. bank statement also showed $23 of Interest revenue earned by Nickleson. Required: Determine the true cash balance as of May 31. ( HintIt is not necessary to use all of the preceding items to determine the true balance.)

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