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The cash records of Wildhorse Inc. show the following situations: Deposits in transit: 1. The June 30 bank reconciliation indicated that deposits in transit total
The cash records of Wildhorse Inc. show the following situations: Deposits in transit: 1. The June 30 bank reconciliation indicated that deposits in transit total $2,440. During July, the general ledger account Cash shows deposits of $18,100, but the bank statement indicates that $19,380 in deposits were received during the month. 2. In August, deposits per bank statement totalled $27,450 and deposits per books were $27,980. Outstanding cheques: 1. The June 30 bank reconciliation reported outstanding cheques of $670. During July, the Wildhorse books showed that $22,120 of cheques were issued. The bank statement showed that $20,900 of cheques cleared the bank in July. 2. In August, cheques issued were $27,610 and cheques clearing the bank were $28,690. What were the deposits in transit at July 31 and at August 31
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