The Cash Records of Saturn Company Show the Following

Essay

The cash records of Saturn Company show the following:
1. The June 30 bank reconciliation indicated that deposits in transit totaled $970. During July the general ledger account Cash shows deposits of $9700 but the bank statement indicates that only $8420 in deposits were received during the month.
2. The June 30 bank reconciliation also reported outstanding checks of $2100. During the month of July Saturn Company books show that $11750 of checks were issued yet the bank statement showed that $11100 of checks cleared the bank in July.
There were no bank debit or credit memoranda and no errors were made by either the bank or Saturn Company.
Answer the following questions:
(a) What were the deposits in transit at July 31?
(b) What were the outstanding checks at July 31?