Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could someone help me find the the three items i need to complete journal? im stuck amd im unsure of what to do Required information

Could someone help me find the the three items i need to complete journal? im stuck amd im unsure of what to do image text in transcribed
image text in transcribed
Required information The following information applies to the questions displayed below) 12 214 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 Date Deposits Note Amount 51,85e Chicks! 321 2/11 2/2 $3,05 1.450 322 2/8 2/18 60 2/25 2.350 1,650 3,250 324 2/19 Cash receipts 1,35 2/26-2/28 22 2/27 4:00 5 9.650 326 2/28 2/28 Balance in February 1 1,050 $ 5,95 Receipts 39,60 9,650 1900) Balance on Peruary 23 2/12 Information from February's bank statement and company records reveals the following additional information: The ending cash balonce recorded in the bank statement is $8.395 b. Cash receipts of $750 from 2/26-2/28 are outstanding Checs 325 and 327 are outstanding d. The deposit on 21 inchados a customer's check for $400 that did not clear the banks check. Check 323 was written for $2.500 for advertising in February. The bank properly recorded the check for this amount An automatic withdrawal for Oscar's Februaryront was made on February 4 for $300 Oscar's checking account earns interest based on the average daily balance. The amount of interesteamed for February is $115 Jonny one of Oscar's suppliers Titanic Patrics, borrowed 54300 m Oscar On February 24, Titanic paid $4.450 154 300 tonowed amount plus 5150 interest) directly to Academy Blank in payment for January's borrowing Academy Bank charged service fees of $120 1o Oscar's for the month Information from February's bank statement and company records reveals the following additional information: 12 a. The ending cash balance recorded in the bank statement is $8.395. b. Cash receipts of $750 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 $400 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. 1. An automatic withdrawal for Oscar's February rent was made on February 4 for $1,300, 9. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $115. han January, one of Oscar's suppliers, Titanic Fabrics, borrowed $4,300 from Oscar On February 24, Titanic paid $4.450 (54,300 borrowed amount plus $150 interest) directly to Academy Bank in payment for January's borrowing Academy Bank charged service fees of $120 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 not complete. General Journal NO Transaction 1 Credit Debit 5,625 1 Cash Notes Receivable Interest Reverso 4,300 395 2 2 Accounts Receivable Advertising Expense Rent Expense Service Fon Expense Cash OOOOO OOO 400 550 1,300 120 OOO

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managing Business Ethics Making Ethical Decisions

Authors: Alfred A. Marcus, Timothy J. Hargrave

1st Edition

1506388590, 978-1506388595

Students also viewed these Accounting questions