Reference no: EM132254562

Question - The cash records of Wildhorse Inc. show the following situations:

Deposits in transit:

1. The June 30 bank reconciliation indicated that deposits in transit total $1,910. During July, the general ledger account Cash shows deposits of $14,750, but the bank statement indicates that $15,800 in deposits were received during the month.

2. In August, deposits per bank statement totalled $22,640 and deposits per books were $23,070.

Outstanding cheques:

1. The June 30 bank reconciliation reported outstanding cheques of $620. During July, the Wildhorse books showed that $18,390 of cheques were issued. The bank statement showed that $17,340 of cheques cleared the bank in July.

2. In August, cheques issued were $22,820 and cheques clearing the bank were $23,670.

Required -

What were the deposits in transit at July 31 and at August 31?

What were the outstanding cheques at July 31 and at August 31?