{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T18:16:07-04:00", "answer_date": "2024-05-27 18:16:07", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1795130", "url": "\/study-help\/questions\/oscars-red-carpet-store-maintains-a-checking-account-with-academy-1795130", "question_creation_date_js": "2024-05-27T18:16:07-04:00", "question_creation_date": "May 27, 2024 06:16 PM", "meta_title": "[Solved] Oscar's Red Carpet Store maintains a chec | SolutionInn", "meta_description": "Answer of - Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank | SolutionInn", "meta_keywords": "oscar,s,red,carpet,store,maintains,checking,account,academy,bank,sells,day", "question_title_h1": " 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.", "question_title": " Oscar's Red Carpet Store maintains a checking account with Academy Bank.", "question_title_for_js_snippet": "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 Cash receipts Balance on February 1 Receipts Disbursements Balance on February 28 Date Amount 2 4 2 11 1,800 2 18 2 25 2,700 3,600 $ 2,200 Checks 321 2 2 322 2 8 323 2 12 324 2 19 2 26 2 28 1,100 $ 11,400 No Date Amount $ 4,200 500 2,000 1,700 325 2 27 300 326 2 28 800 327 2 28 1,400 $ 6,300 $10,900 11,400 (10,900) $ 6,800 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 $10,350 b Cash receipts of $1,100 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 $300 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 $1,200 g Oscar's checking account earns interest based on the average daily balance The amount of interest earned for February is $150 h In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,000 from Oscar On February 24, Titanic paid $5,200 ($5,000 borrowed amount plus $200 interest) directly to Academy Bank in payment for January's borrowing i Academy Bank charged service fees of $100 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 indicated with a minus sign Total entries to the same account together when entering in the bank reconciliation )", "question_description": "\"image\"image", "transcribed_text": "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: Cash receipts: Balance on February 1 Receipts Disbursements Balance on February 28 Date Amount 2\/4 2\/11 1,800 2\/18 2\/25 2,700 3,600 $ 2,200 Checks: 321 2\/2 322 2\/8 323 2\/12 324 2\/19 2\/26-2\/28 1,100 $ 11,400 No. Date Amount $ 4,200 500 2,000 1,700 325 2\/27 300 326 2\/28 800 327 2\/28 1,400 $ 6,300 $10,900 11,400 (10,900) $ 6,800 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 $10,350. b. Cash receipts of $1,100 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 $300 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 $1,200. g. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $150. h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,000 from Oscar. On February 24, Titanic paid $5,200 ($5,000 borrowed amount plus $200 interest) directly to Academy Bank in payment for January's borrowing. i. Academy Bank charged service fees of $100 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 indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.)", "related_book": { "title": "Financial Accounting", "isbn": "9780077506902, 78025540, 77506901, 978-0078025549", "edition": "3rd edition", "authors": "J. David Spiceland, Wayne Thomas, Don Herrmann", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/314.jpg", "uri": "\/textbooks\/financial-accounting-3rd-edition-314", "see_more_uri": "\/textbooks\/business-bayesian-statistics-3421" }, "free_related_book": { "isbn": "979-8862402209", "uri": "\/textbooks\/the-one-hour-contents-plan-foundation-of-content-creations-and-efficient-strategies-for-meaningful-output-1st-edition-979-8862402209-167162", "name": "The One Hour Contents Plan Foundation Of Content Creations And Efficient Strategies For Meaningful Output", "edition": "1st Edition" }, "question_posted": "2024-05-27 18:16:07", "see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/figure-shows-a-cycle-consisting-of-five-paths-ab-is", "description": "Figure shows a cycle consisting of five paths: AB is isothermal at 300 K, BC is adiabatic with work = 5.0 J, CD is at a constant pressure of 5 atm, D E is isothermal, and EA is adiabatic with a...", "stars": 3 }, { "url": "\/multiple-choice-questions-1-if-output-prices-rise-faster-than", "description": "Multiple Choice Questions: 1. 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