Elloit's Retail Outlet keeps a checking accounting with their local bank. Elleit's practice is to deposit daily cash receipts at the end of the week in their checking account. The following information is from the company's records regarding cash receipts, deposits and checks written: Date Amount No. Date Amount Deposits: 2/4 $2,700 Checks: 321 2/2 $4,700 2/11 2,300 322 2/8 400 2/18 3,200 323 | 2/12 2,500 2/25 4,100 324 2/19 2,200 Cash-receipts 2/26-2/28 1.600 325 2/27 200 $13.900 326 | 2/28 700 3272/28 1.900 Balance on 2/1 $6,800 $12.600 Receipts 13,900 Disbursements (12.600) Balance 2/28 $ 8,100 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 $13,145. b. Cash receipts of $1,600 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 customer's bank-NSF check. e. Check 323 was written for $2,800 for advertising in February. The bank properly recorded the check for this amount. f. An automatic withdrawal for Eloit's. February rent was made on February 4 for $1,100. 9. Elloit's checking account earns interest based on the average daily balance. The amount of interest earned for February is $20. h. In January, one of Elloit's suppliers, borrowed $6,000 from Oscar. On February 24, the customer paid $6,250 ($6,000 borrowed amount plus $250 interest) directly to Elloit's checking account at the bank to repay the loan I. Elloit's bank charged service fees of $125 for the month of February. Required: 1. Prepare a bank reconciliation for Elloit's, checking account as of February, 28h. 2. Record any needed entries for Elloit's based on the information in the completed bank reconciliation Requirement 1 Elloit's Retail Outlet Bank Reconciliation February 28 Bank's Cash Balance Per bank statement Company's Cash Balance Per general ledger Bank balance per reconciliation Company balance per reconciliation Requirement 2 Account Debit Credit