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The cash records of Pharoah Inc. show the following situations: Deposits in transit: 1. The June 30 bank reconciliation indicated that deposits in transit total
The cash records of Pharoah Inc. show the following situations: Deposits in transit: 1. The June 30 bank reconciliation indicated that deposits in transit total $1,800. During July, the general ledger account Cash shows deposits of $13,300, but the bank statement indicates that $14,260 in deposits were received during the month. 2. In August, deposits per bank statement totalled $20,250 and deposits per books were $20,620. Outstanding cheques: 1. The June 30 bank reconciliation reported outstanding cheques of $510. During July, the Pharoah books showed that $16,360 of cheques were issued. The bank statement showed that $15,460 of cheques cleared the bank in July. 2. In August, cheques issued were $20,410 and cheques clearing the bank were $21,170. (a) What were the deposits in transit at July 31 and at August 31? July 31 August 31 Deposit in transit $ $
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