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Flounder Corp. deposits all receipts intact and makes all payments by cheque. The following information...

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Accounting

Flounder Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records:

April 30 Bank Reconciliation
Balance per bank $7,400
Add: Deposits in transit 1,670
Deduct: Outstanding cheques (2,700 )
Balance per books $6,370

Month of May Results
Per Bank Per Books
Balance on May 31 $8,730 $8,775
May deposits 4,670 5,550
May cheques 4,270 3,350
May note collected (not included in May deposits) 1,095
May bank service charge 25
May NSF cheque from a customer, returned by the bank (recorded by the bank as a charge) 345

Determine the amount of deposits in transit and outstanding cheques at May 31. Keeping in mind the time lag between deposits and cheques being recorded in the books and when they are recorded by the bank.

Deposits in transit, May 31 $
Outstanding cheques, May 31 $

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