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, 2018 Date Amount No Date Amount Deposits 2 4 $ 1,850 Checks 321 2 2 $ 3,850 2 11 1,450 322 2 8 600 2 18 2,350 323 2 12 1,650 2 25 3,250 324 2 19 1,350 Cash receipts 2 26 2 28 750 325 2 27 400 326 2 28 900 $ 9,650 327 2 28 1,050 Balance on February 1 $ 5,950 $9,800 Receipts 9,650 Disbursements (9,800) Balance on February 28 $ 5,800 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 $8,395 b Cash receipts of $750 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 $2,500 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 $1,300 g Oscar's checking account earns interest based on the average daily balance The amount of interest earned for February is $115 h In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $4,300 from Oscar On February 24, Titanic paid $4,450 ($4,300 borrowed amount plus $150 interest) directly to Academy Bank in payment for January's borrowing i Academy Bank charged service fees of $120 to Oscars for the month Required 1 Prepare a bank reconciliation for Oscar's checking account on February 28, 2018 (Amounts to be deducted should be indicated with a minus sign ) 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 carousel )

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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, 2018.

	Date	Amount		No.	Date	Amount
Deposits:	2/4	$ 1,850	Checks:	321	2/2	$ 3,850
	2/11	1,450		322	2/8	600
	2/18	2,350		323	2/12	1,650
	2/25	3,250		324	2/19	1,350
Cash receipts:	2/26-2/28	750		325	2/27	400
				326	2/28	900
		$ 9,650		327	2/28	1,050

Balance on February 1		$ 5,950				$9,800
Receipts		9,650
Disbursements		(9,800)

Balance on February 28		$ 5,800
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 $8,395. b. Cash receipts of $750 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 $2,500 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 $1,300. g. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $115. h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $4,300 from Oscar. On February 24, Titanic paid $4,450 ($4,300 borrowed amount plus $150 interest) directly to Academy Bank in payment for January's borrowing. i. Academy Bank charged service fees of $120 to Oscars for the month. Required: 1. Prepare a bank reconciliation for Oscar's checking account on February 28, 2018. (Amounts to be deducted should be indicated with a minus sign.) 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 carousel.)