4. (a) Discuss the terms" Deposit in transit" and Outstanding cheque? (2) UNDERSTAND (b) If you are required to comment on the liquidity position of a company, which ratios will you taken into consideration? (2) REMEMBER (c) Write down correct entry, incorrect entry and correcting entry for the following transaction: The purchase of Store equipment on account for $1570 was recorded as a debit to store supplies $1750 and a credit to Accounts payable $1750. A cash payment of repair expense on equipment for $95 was recorded as a debit to Equipment $59 and a credit to cash $59. (2) APPLY