Ayayai Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Balance per bank Add: Deposits in transit Deduct: Outstanding cheques Balance per books April 30 Bank Reconciliation $7,100 1,500 (2,000) $6,600 Month of May Results Balance on May 31 May deposits May cheques May note collected (not included in May deposits) May bank service charge May NSF cheque from a customer, returned by the bank (recorded by the bank as a charge) Per Bank Per Books $8,700 $9,540 4,500 5,500 4,000 3,000 1,000 20 320 Determine the amount of deposits in transit and outstanding cheques at May 31. Keeping in mind the time lag between deposits and cheques being recorded in the books and when they are recorded by the bank. Deposits in transit, May 31 $ Outstanding cheques, May 31 $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a May 31 bank reconciliation showing balance per bank statement and balance per books and correct cash balance. (List items that increase balance as per bank & books first.) Ayayai Corp. Bank Reconciliation May 31 Balance per bank statement, May 31 Add : Deposits in transit Less : Outstanding cheques Correct cash balance, May 31 Balance per books, May 31 Add : Collection of note Less : Bank service charge NSF cheque Correct cash balance, May 31 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to correct the Cash account at May 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Cash Bank Charges Expense Accounts Receivable Notes Receivable