Essay
The cash records of George Company show the following:
1. In September deposits per the bank statement totaled $36800; deposits per books $38000; and deposits in transit at September 30 were $4900.
2. In September cash disbursements per books were $35600; checks clearing the bank were $38900; and outstanding checks at September 30 were $3000.
There were no bank debit or credit memoranda and no errors were made by either the bank or George Company.
Answer the following questions:
(a) What were the deposits in transit at August 31?
(b) What were the outstanding checks at August 31?
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