Oscars Red Carpet Store maintains a checking account with Academy Bank Oscars sells carpet each day but makes bank deposits only once per week The following provides information from the companys cash ledger for the month ending February 28, 2021 Date Amount No Date Amount Deposits 2 4 $ 2,350 Checks 321 2 2 $ 4,350 2 11 1,950 322 2 8 650 2 18 2,850 323 2 12 2,150 2 25 3,750 324 2 19 1,850 Cash receipts 2 26 2 28 1,250 325 2 27 450 $ 12,150 326 2 28 950 327 2 28 1,550 Balance on February 1 $ 6,450 $ 11,950 Receipts 12,150 Disbursements (11,950 ) Balance on February 28 $ 6,650 Information from February's bank statement and company records reveals the following additional information The ending cash balance recorded in the bank statement is $10,665 Cash receipts of $1,250 from 2 262 28 are outstanding Checks 325 and 327 are outstanding The deposit on 2 11 includes a customer's check for $450 that did not clear the bank (NSF check) Check 323 was written for $2,800 for advertising in February The bank properly recorded the check for this amount An automatic withdrawal for Oscar's February rent was made on February 4 for $1,200 Oscar's checking account earns interest based on the average daily balance The amount of interest earned for February is $165 In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,300 from Oscar On February 24, Titanic paid $5,500 ($5,300 borrowed amount plus $200 interest) directly to Academy Bank in payment for January's borrowing Academy Bank charged service fees of $100 to Oscars for the month 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 ) 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 )

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Oscars Red Carpet Store maintains a checking account with Academy Bank. Oscars sells carpet each day but makes bank deposits only once per week. The

Oscars Red Carpet Store maintains a checking account with Academy Bank. Oscars sells carpet each day but makes bank deposits only once per week. The following provides information from the companys cash ledger for the month ending February 28, 2021.

	Date	Amount				No.	Date	Amount
Deposits:	2/4	$	2,350		Checks:	321	2/2	$	4,350
	2/11		1,950			322	2/8		650
	2/18		2,850			323	2/12		2,150
	2/25		3,750			324	2/19		1,850
Cash receipts:	2/26-2/28		1,250			325	2/27		450
		$	12,150			326	2/28		950
						327	2/28		1,550
Balance on February 1		$	6,450					$	11,950
Receipts			12,150
Disbursements			(11,950	)
Balance on February 28		$	6,650

Information from February's bank statement and company records reveals the following additional information:

The ending cash balance recorded in the bank statement is $10,665.
Cash receipts of $1,250 from 2/262/28 are outstanding.
Checks 325 and 327 are outstanding.
The deposit on 2/11 includes a customer's check for $450 that did not clear the bank (NSF check).
Check 323 was written for $2,800 for advertising in February. The bank properly recorded the check for this amount.
An automatic withdrawal for Oscar's February rent was made on February 4 for $1,200.
Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $165.
In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,300 from Oscar. On February 24, Titanic paid $5,500 ($5,300 borrowed amount plus $200 interest) directly to Academy Bank in payment for January's borrowing.
Academy Bank charged service fees of $100 to Oscars for the month.

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.)

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.)