Milton Company has just received the following monthly bank statement for June 2017. Date June 1 June 2 Checks Deposits Balance $25,000 $150 24,850 $6,000 30,850 750 30,100 1,500 28,600 June 3 June 4 June 5 June 7 10,050 18,550 June 9 8,000 26,550 22,890 3,660 2,690 20,200 9,000 29,200 June 10 June 11 June 12 June 13 June 17 June 20 550 28,650 7,500 21,150 26,650 5,500 June 21 650 26,000 June 22 700 25,300 June 23 4,140t 29,440 June 25 1,000 28,440 June 30 60* 28,380 Totals $29,260 $32,640 *Bank service charge Note collected, including $140 interest 3. Prepare a June bank reconciliation. Milton Company Bank Reconciliation June 30, 2017 Balance per Bank Statement Additions to Bank Balance: Deposits in Transit 28,380 Total Deductions from Bank Balance: Outstanding Checks Adjusted Bank Balance Balance per Books Additions to Book Balance: Note Collected by Bank Error in Books Total Deductions from Book Balance: Service Charges III Adjusted Book Balance Data from the cash account of Milton Company for June are as follows: June 1 balances $20,440 Checks written: Deposits: June 1 $1,500 June 2 $6,000 4 10,500 5 8,000 6 2,690 10 9,000 8 550 18 5,500 9 7,500 30 6,000 12 650 $34,500 19 700 22 1,000 26 1,100 27 1,360 $27,550 At the end of May, Milton had three checks outstanding for a total of $4,560. All three checks were processed by the bank during June. There were no deposits outstanding at the end of May. It was discovered during the reconciliation process that a check for $10,050, written on June 4 for supplies, was improperly recorded on the books as $10,500. Required: 1. Determine the amount of deposits in transit at the end of June. 2. Determine the amount of outstanding checks at the end of June. 4. Prepare the journal entries to correct the cash account. If an amount box does not require an entry, leave it blank. Cash V Miscellaneous Expenses Notes Receivable Interest Revenue Supplies