Bank Reconciliation

Valentine Investigations has the following information for its cash account:

Balance, $1/31$ $$9,418$

Deposits during February $106,780$

Checks written during February $102,341$

Valentine's bank statement for February contained the following information:

Balance, $1/31$ $$10,884$

Add: February deposits $104,950$

$$115,834$

Less: Checks paid in February $$101,400$

Bank service charge $50$

Debit memo $($electric bill$)800102,250$

Balance per bank, $2/28$ $$13,584$

A comparison of company records with the bank statement provided the following data:

At $1/31$ At $2/28$

Deposits in transit $$2,750$ $$4,580$

Outstanding checks $4,2165,157$

Required:

Question Content Area

$1.$ Prepare a bank reconciliation as of February $28.$

Valentine Investigations

Bank Reconciliation Schedule

February $28$

Cash balance from bank statement $fill in the blank $1$c$17$c$5$ff$9$f$9$dfe$4\_1$

$-$ Select $-$

$-$ Select $-$

Adjusted cash balance $fill in the blank $1$c$17$c$5$ff$9$f$9$dfe$4\_6$

blank blank blank

Cash balance from company records $fill in the blank $1$c$17$c$5$ff$9$f$9$dfe$4\_7$

Less:

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Adjusted cash balance $fill in the blank $1$c$17$c$5$ff$9$f$9$dfe$4\_13$

Question Content Area

$2.$ Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation. If an amount box does not require an entry, leave it blank.

Feb. $28$

$($Record bank service charge$)$

Feb. $28$

$($Record debit memo for payment of utilities$)$

Question Content Area

$3.$ What is the amount of cash that should be reported on the February $28$ balance sheet?

$fill in the blank $892$ec$5002$fc$7046\_1$