ABC Corporation operates a current account within a community financial institut

ABC Corporation operates a current account within a community financial institution. As of July 31, highlighted figures from both the ledger balance and the financial institution′s statement are presented for examination.
* Book:
* Cash Balance per book (Beginning Balance) $17,600
* July Cash receipts $81400
o July Cash Disbursements $77150
* Bank:
* Cash Balance per bank (Beginning Balance) $ 16800
* July bank credits $82470
* July bank debits $74756
Analysis of the bank data reveals that the credits consist of $81,000 of July deposits and a credit memorandum of $1,470 for collecting a $1,400 note plus interest revenue of $70. The July debits per bank consist of checks cleared of $74,700 and a debit memorandum of $56 for printing additional company checks. You also discover the following errors involving July checks:
* A check for $230 to a creditor on account that cleared the bank in July was journalized and posted as $320.
* A salary check to an employee for $255 was recorded by the bank for $155.
The June 30 bank reconciliation contained only two reconciling items: deposits in transit of $7,000 and outstanding checks of $6,200.
* What is the value of the deposit in transit as of July 31?
* What is the value of the outstanding checks as of July 31?
* What amount must be subtracted from the bank′s balance as of July 31?
* What amount must be added to the book′s balance as of July 31?
* What is the adjusted cash balance per book as of July 31?
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