Nickleson Company had an unadjusted cash balance of $5,632 as of May 31. The company's bank statement, also dated May 31, included an NSF check in the amount of $94 written by one of Nickleson's customers. There were $1,000 in outstanding checks and $255 in deposits in transit as of May 31. According to the bank statement, service charges were $60, and the bank collected a note receivable of $800 for Nickleson. The bank statement also showed $11 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

Nickleson Company had an unadjusted cash balance of $5,632 as of May 31. The company's bank statement, also dated May 31, included an NSF check in the amount of $94 written by one of Nickleson's customers. There were $1,000 in outstanding checks and $255 in deposits in transit as of May 31. According to the bank statement, service charges were $60, and the bank collected a note receivable of $800 for Nickleson. The bank statement also showed $11 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

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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Nickleson Company had an unadjusted cash balance of $9,116 as of May 31. The company's bank statement, also dated May 31, included a $92 NSF check written by one of Nickleson's customers. There were $1,078 in outstanding checks and $250 in deposits in transit as of May 31. According to the bank statement, service charges were $100, and the bank collected a $900 note receivable for Nickleson. The bank statement also showed $18 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
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The records of Parker Company indicate a July 31 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is $10,575. This balance includes a note of $2,250 plus $150 interest collected by the bank but not recorded in the journal. Checks outstanding on July 31 were as follows: No. 2670, $1,050; No. 3679, $675; No. 3690, $1,650; No. 5148, $225; No. 5149, $750; and No. 5151, $800. On July 25, the cashier resigned, effective at the end of the month. Before leaving on July 31, the cashier prepared the following bank reconciliation: Subsequently, the owner of Parker Company discovered that the cashier had stolen an unknown amount of undeposited receipts, leaving only $1,500 to be deposited on July 31. The owner, a close family friend, has asked for your help in determining the amount that the former cashier stole. Determine the amount the cashier stole from Parker Company. Show your computations in…