Sheffield Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: April 30 Bank Reconciliation Balance per bank $7,450 Add: Deposits in transit 1,560 Deduct: Outstanding cheques (2,300) Balance per books $6,710 Month of May Results Per Bank Per Books Balance on May 31 $8,770 $9,225 May deposits 4,920 5,800 May cheques 4,100 3,150 Month of May Results Per Bank Per Books Balance on May 31 $8,770 $9,225 May deposits 4,920 5,800 May cheques 4,100 3,150 May note collected (not included in May deposits) 1,000 May bank service charge 20 May NSF cheque from a customer, returned by the bank (recorded by the bank as a charge) 345 - 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.) Sheffield Corp. Bank Reconciliation May 31 Balance per bank statement, May 31 V $ Add : Deposits in transit Less : Outstanding cheques Correct cash balance, May 31 V $ Balance per books, May 31 $ Add V: Collection of note Less Bank service charge $ NSF cheque Correct cash balance, May 31 $ e Textbook and Media List of Accounts 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