a. The ending cash balance recorded in the bank statement is $9,675. b. Cash receipts of $850 from 2/26-2/28 are outstanding. c. Checks 325 and 327 are outstanding, d. The deposit on 2/11 Includes a customer's check for $200 that did not clear the bank (NSF check). e. Check 323 was written for $2,500 for advertising in February. The bank properly recorded the check for this amount. f. An automatic withdrawal for Oscar's February rent was made on February 4 for $1,200. g. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $125. h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $4,500 from Oscar. On February 24, Titanic paid $4,700 ($4,500 borrowed amount plus $200 interest) directly to Academy Bank In payment for January's borrowing. 1. Academy Bank charged service fees of $100 to Oscar's for the month. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Total entries to the same account together when entering in the journal entry worksheet.) Answer is complete but not entirely correct. No Transaction General Journal Credit 1 1 Debit 4.700 Cash Notes Receivable Interest Revenue 4,500 200 2 2 200 750 Accounts Receivable Advertising Expense Rent Expense Service Fee Expense Cash OOOOO 0000 1,200 100 2.250 [The following information applies to the questions displayed below.) Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. No. Deposits Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 1,950 Checks 1 1,550 2,450 3,350 850 $10,150 321 322 323 324 325 326 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Cash receipts Amount $3,950 400 1,750 1.450 200 700 1,150 $9,600 327 Balance on February 1 Receiptis Disbursements Balance on February 28 $ 6,050 10, 150 9.600) $ 6,600 Information from February's bank statement and company records reveals the following additional Information: a. The ending cash balance recorded in the bank statement is $9,675. b. Cash receipts of $850 from 2/26-2/28 are outstanding c. Checks 325 and 327 are outstanding. d. The deposit on 2/11 Includes a customer's check for $200 that did not clear the bank (NSF check). e. Check 323 was written for $2.500 for advertising in February. The bank properly recorded the check for this amount. f. An automatic withdrawal for Oscar's February rent was made on February 4 for $1.200
