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Home / Questions / Nickleson Company had an unadjusted cash balance of $7750 as of May 31 The company’s bank ...

Nickleson Company had an unadjusted cash balance of $7750 as of May 31 The company’s bank statement also dated May 31 included a $72 NSF check written by one of Nickleson’s customers

Nickleson Company had an unadjusted cash balance of $7,750 as of May 31. The company’s bank statement, also dated May 31, included a $72 NSF check written by one of Nickleson’s customers. There were $800 in outstanding checks and $950 in deposits in transit as of May 31. According to the bank statement, service charges were $50, and the bank collected a $800 note receivable for Nickleson. The bank statement also showed $13 of interest revenue earned by Nickleson. Required Determine the true cash balance as of May 31.

Apr 20 2020 View more View Less

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