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Sarasota Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Determine the amount of

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Sarasota Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Determine the amount of deposits in transit and outstanding cheques at May 31. Keep 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

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