get latest date

I have this table transdate column for date on format mm/dd/yyyy hh:mm:ss and this transtype column related to transdate.

I would like to get the latest date encoded and corresponding transtype? is it right to use the max() function? though I tried and yes it gets the latest date in the column but wrong transtype.

my query is:
SELECT Max(transdate) AS MaxOftransdate, Max(transtype) AS MaxOFtranstype
FROM Table1;