Blue Spruce Corp.deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: April 30 Bank Reconciliation $7,430 1,530 Balance per bank Add: Deposits in transit Deduct: Outstanding cheques Balance per books (2,400) $6,560 Month of May Results Per Bank Per Books Balance on May 31 $8,800 $9,080 May deposits 4,870 5.550 May cheques 4,380 3,250 1,065 - May note collected (not included in May deposits) May bank service charge 35 May NSF cheque from a customer, returned by the bank (recorded by the bank as a charge) 370 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 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.) Blue Spruce Corp Bank Reconciliation May 31 $ $ $ > > $ $ eTextbook and Media List of Accounts Assistance Used 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 for the amounts.) Account Titles and Explanation Debit Credit Balance per bank statement, May 31 Bank service charge Collection of note Correct cash balance, May 31 NSF cheque Outstanding cheques Deposits in transit 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