Blaine's Red Carpet Store maintains a checking account with Academy Bank. Blaine'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, 2024. Deposits: Date 2/4 Amount $1,900 Number Date Amount Checks: 323 2/12 $1,700 2/11 1,500 324 2/19 1,400 2/18 2,400 325 2/27 350 2/25 3,300 326 2/28 850 Cash 2/26- 800 327 receipts: 2/28 2/28 1,100 $9,900 $5,400 Amount Balance on February 1 $6,000 Receipts 9,900 Disbursements (5,400) Balance on February 28 $10,500 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 $8,020. b. Cash receipts of $800 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 $350 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 EFT withdrawal for Blaine's February rent was made on February 4 for $1,100. g. Debit card transactions include $4,860 for legal fees expense and $550 for entertainment expense. h. In January, one of Blaine's suppliers, Titanic Fabrics, borrowed $4,400 from Blaine. On February 24, Titanic paid $4,650 ($4,400 borrowed amount plus $250 interest) directly to Academy Bank in payment for January's borrowing. i. Academy Bank charged service fees of $120 to Blaine's for the month. Required: 1. Prepare a bank reconciliation for Blaine's checking account on February 28, 2024. 2. Record the necessary cash adjustments.