The cash records of Oriole Inc. show the following situations:
Deposits in transit:
1. The June 30 bank reconciliation indicated that deposits in transit total $2,040. During July, the general ledger account Cash shows deposits of $14,610, but the bank statement indicates that $15,790 in deposits were received during the month.
2.In August, deposits per bank statement totalled $22,510 and deposits per books were $22,900.
Outstanding cheques:
1. The June 30 bank reconciliation reported outstanding cheques of $600. During July, the Oriole books showed that $18,150 of cheques were issued. The bank statement showed that $17,090 of cheques cleared the bank in July.
2. In August, cheques issued were $22,700 and cheques clearing the bank were $23,570.
question : What were the deposits in transit at July 31 and at August 31?
My answers:
july 31: $1180
aug 31: $390
please correct me if I am wrong- thanks