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Return to question Clooney Corp. establishes a petty cash fund for $200 and issues a credit card to its office manager. By the end of the month, employees made one expenditure from the petty cash fund entertainment, $25) and three expenditures with the credit card (postage, $41: delivery. $66: supplies expense, $31). Separately record employee credit card expenditures and employee petty cash expenditures. The credit card balance will be paid later. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Answer is not complete. I General Journal Debit No Credit Transaction Postage Expense Delivery Expense Supplies Entertainment Expense 1 Petty Cash 2 Petty Cash 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. Deposits: Amount $ 4,550 600 Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,550 Checks: 2,150 3,050 3,950 1.450 $ 13,150 No. 321 322 323 324 325 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Cash receipts: 2,350 2,050 400 900 1,750 $12,600 $ Balance on February 1 Receipts Disbursements Balance on February 28 6,650 13,150 (12,500) 7,200 $ 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 $11.960. b. Cash receipts of $1,450 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 $2,800 for advertising in February. The bank properly recorded the check for this amount. f. An automatic withdrawal for Oscar's February rent was made on February 4 for $1,100. 9. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $185. h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,700 from Oscar. On February 24. Titanic paid $5,950 ($5,700 borrowed amount plus $250 interest) directly to Academy Bank in payment for January's borrowing, An automatic winorawal or Uscars rebruary rent was made on reoruary 4 10 DIIVU. g. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $185. h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,700 from Oscar. On February 24, Titanic paid $5.950 ($5,700 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. Required: 1. Prepare a bank reconciliation for Oscar's checking account on February 28, 2021. (Amounts to be deducted should be indi with a minus sign. Total entries to the same account together when entering in the bank reconciliation.) OSCAR'S RED CARPET STORE Bank Reconciliation February 28, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement Per general ledger Bank balance per reconciliation Company balance per reconciliation
