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Exercise 6-12A (Algo) Determining the true cash balance, starting with the unadjusted book balance LO 6-3 Nickleson Company had an unadjusted cash balance of $4,499 as of May 31. The company's bank statement, also dated May 31, included a $81 NSF check written by one of Nickleson's customers. There were $493 in outstanding checks and $270 in deposits in transit as of May 31. According to the bank statement, service charges were $70, and the bank collected an $700 note receivable for Nickleson. The bank statement also showed $15 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 I...

Exercise 6-12A (Algo) Determining the true cash balance, starting with the unadjusted book balance LO 6-3 Nickleson Company had an unadjusted cash balance of $4,499 as of May 31. The company's bank statement, also dated May 31, included a $81 NSF check written by one of Nickleson's customers. There were $493 in outstanding checks and $270 in deposits in transit as of May 31. According to the bank statement, service charges were $70, and the bank collected an $700 note receivable for Nickleson. The bank statement also showed $15 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 I...

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 60BPSB
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Exercise 6-12A (Algo) Determining the true cash balance, starting with the unadjusted book balance LO 6-3 Nickleson Company had an unadjusted cash balance of $4,499 as of May 31. The company's bank statement, also dated May 31, included a $81 NSF check written by one of Nickleson's customers. There were $493 in outstanding checks and $270 in deposits in transit as of May 31. According to the bank statement, service charges were $70, and the bank collected an $700 note receivable for Nickleson. The bank statement also showed $15 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 ..I..... < Prev 10 of 19 Next >
Transcribed Image Text:Exercise 6-12A (Algo) Determining the true cash balance, starting with the unadjusted book balance LO 6-3 Nickleson Company had an unadjusted cash balance of $4,499 as of May 31. The company's bank statement, also dated May 31, included a $81 NSF check written by one of Nickleson's customers. There were $493 in outstanding checks and $270 in deposits in transit as of May 31. According to the bank statement, service charges were $70, and the bank collected an $700 note receivable for Nickleson. The bank statement also showed $15 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 ..I..... < Prev 10 of 19 Next >
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