Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp 4 Required information Problem 4-2A Prepare the bank reconciliation and record cash adjustments (L04-5) [The following information applies to the questions displayed below) 1 of 2 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. is Deposits: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,250 Checks: 1,850 2,750 3,650 1,150 $ 11,650 No. 321 322 323 324 325 326 327 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Cash receipts: Amount $ 4,250 550 2,ose 1.750 350 85e 1,450 $11,250 Balance on February 1 Receipts Disbursements Balance on February 28 $ 6,350 11,650 (11,250) $ 6,750 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 $10,580. b. Cash receipts of $1,150 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 $2,800 for advertising in February The bank properly recorded the check for this amount 1. An automatic withdrawal for Oscar's February rent was made on February 4 for $1,100. g. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $155 h In IANUATU nne nf Oerare cunllare Titanir Fahrire harruar $500 from Orar On Fehran 14 Titanic na 5350 Help Se Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion 4 h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,100 from Oscar. On February 24, Titanic paid $5,350 ($5,100 borrowed amount plus $250 interest) directly to Academy Bank In payment for January's borrowing 1. Academy Bank charged service fees of $125 to Oscar's for the month art 1 of 2 Problem 4-2A Part 1 nts Required: 1. Prepare a bank reconciliation for Oscar's checking account on February 28, 2021. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) Answer is not complete. OSCAR'S RED CARPET STORE Bank Reconciliation February 28, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement $ 10,580 Per general ledger Deposits outstanding 1,150 Interest on account Checks outstanding 13,530 Note collected Interest on note OO $ 6,750 155 5,100 250 $ 9,930 Bank balance per reconciliation $ 9,930 Company balance per reconciliation 5 Problem 4-2A Part 2 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.) View transaction list Journal entry worksheet 1 2 Record the amounts that increase cash. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal
