Question 15 Skysong, Inc.s bank statement from Main Street Bank at August 31, 2017, gives the following information.

Balance, August 1	$18,710	Bank debit memorandum:
August deposits	71,310	Safety deposit box fee	$85
Checks cleared in August	68,618	Service charge	110
Bank credit memorandum:	Balance, August 31	21,312
Interest earned	105

A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,010; receipts $74,310; disbursements $73,510; and balance, August 31, $19,810. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,860and outstanding checks of $4,560. In addition, you determine that there was an error involving a company check drawn in August: A check for $400to a creditor on account that cleared the bank in August was journalized and posted for $40.

Determine deposits in transit. Determine outstanding checks.