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Zinaida [17]
2 years ago
10

Nickleson Company had an unadjusted cash balance of $7,750 as of May 31. The company’s bank statement, also dated May 31, includ

ed 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 an $800 note receivable for Nickleson. The bank statement also showed $13 of interest revenue earned by Nickleson. Determine the true cash balance as of May 31.
Business
1 answer:
stiks02 [169]2 years ago
8 0

Answer:

$8,441

Explanation:

Given:

Unadjusted Cash Balance as of may 31 = $7,750

Interest Earned = $13

Note Collected by Bank = $800

NSF check = $72

Bank charges = $50

Now,

The True Cash Balance is calculated as:

= Unadjusted Bank Balance + Deposit in transit - Outstanding check

i.e

= $7,750  + ( $13 + $800)  - ( $72  + $50 )

 = $8,441

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