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: 2/2 2/8 Date 274 2/11 2/18 2/25 2/26-2/28 Amount $ 2,600 Checks: 2,200 3,100 4,000 1,500 $ 13,400 No. 321 322 323 324 325 Amount $ 4,600 650 2,400 2,100 450 2/12 2/19 2/27 Cash receipts: 326 2/28 950 327 2/28 1,800 $12,950 Balance on February 1 Receipts Disbursements Balance on February 28 $ 6,700 13,400 (12,958) $ 7,150 Information from February's bank statement and company records reveals the following additional information Information from February's bank statement and company records reveals the following additional information: amount a. The ending cash balance recorded in the bank statement is $11.770. b. Cash receipts of $1,500 from 2/26-2/28 are outstanding. c. Checks 325 and 327 are outstanding. d. The deposit on 2/1 includes a customer's check for $450 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 f. An automatic withdrawal for Oscar's February rent was made on February 4 for $1,300 g. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $190 h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,800 from Oscar On February 24. Titanic paid $5,950 ($5,800 borrowed amount plus $150 interest) directly to Academy Bank in payment for January's 1. Academy Bank charged service fees of $120 to Oscar's for the month. borrowing 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) OSCAR'S RED CARPET STORE Bank Reconciliation February 28, 2021 Bank's Cash Balance Per bank statement Company's Cash Balance Per general ledger 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. 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
