Consider the following two independent situations:
1. A company's January 31 bank reconciliation shows deposits in transit of $1,500. The company's books indicate deposits of $23,000 for the month of February, but the bank statement indicates deposits of $21,750 for February.
2. A company's January 31 bank reconciliation indicates outstanding checks of $2,500. The company's books indicate disbursements of $17,950 for the month of February, but the bank statement shows $18,900 of disbursements for February.
Required
For situation 1, determine deposits in transit at February 28. For situation 2, determine outstanding checks at February 28.