Exercise 7-7 The cash records of Sheridan Inc. show the following situations: Deposits in transit: 1. The June 30 bank reconciliation indicated that deposits in transit total $1,920. During July, the general ledger account Cash shows deposits of $14,790, but the bank statement indicates that $15,870 in deposits were received during the month 2. In August, deposits per bank statement totaled $.22,500 and deposits per books were22,940. Outstanding cheques 1. The June 30 bank reconciliation reported outstanding cheques of $510. During July, the Sheridan books showed that $18,050 of cheques were issued. The bank statement showed that $17,100 of cheques cleared the bank in July. 2. In August, cheques issued were $22,710 and cheques clearing the bank were $23,500. Your answer is incorrect. Try again. What were the deposits in transit at July 31 and at August 31? July 31 August 31 Oeposit in transit Your answer is partially correct. Try again. What were the outstanding cheques at uly 31 and at August 31? uly 31 August 31 Outstanding cheques Question Attempts: 1 of 2 used SAVE FOR LATER SUBMIT ANSWE