The bookkeeper for Ivanhoe Manufacturing Ltd. was trying to determine what items would be used in preparing the companys bank reconciliation that she is completing at May 31, 2018, which was the companys first month of operations. The companys bank statement showed the following:

IVANHOE MANUFACTURING LTD. Bank Statement May 31
Date			Description		Amounts Deducted from Account (Debits)		Amounts Added to Account (Credits)		Balance
May	1		Deposit				23,000		23,000
	3		Cheque, No. 001		1,520				21,480
	5		Cheque, No. 002		6,490				14,990
	15		Deposit				4,600		19,590
	19		Cheque, No. 004		7,530				12,060
	21		Cheque, No. 006		950				11,110
	25		Returned chequeNSF, S. Gillis		1,340				9,770
	25		NSF fee		26				9,744
	27		Cheque, No. 009		2,180				7,564
	28		Cheque, No. 010		1,950				5,614
	31		Bank service charges		42				5,572

Ivanhoes cash receipts summary (which were all deposited) and cheque summary (which were all mailed out to suppliers) for the month of May showed the following:

Cash Receipts					Cash Payments
Date			Amount		Date			Number		Amount
May	1		$23,000		May	2		001		$1,520
	15		4,600			3		002		6,490
	31		8,300			14		003		1,570
			$35,900			15		004		7,530
						18		005		340
						19		006		950
						22		007		2,010
						23		008		500
						25		009		2,180
						26		010		1,950
										$25,040

Review Ivanhoes cash receipts summary and determine the amount of any deposits not recorded by the bank. These will be deposits in transit. Hint: It can be useful to check off or cross out the deposits that appear on both the bank statement and on the cash receipts summary because these will not be deposits in transit.

Deposit in transit of May 31

$

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