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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, $20) and three expenditures with the credit card (postage, $42; delivery, $67; supplies expense, $32). 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.) View transaction list ... X Record employee credit card expenditures. Record employee petty cash expenditures. Credit 200 Note: journal entry has been entered On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,436. The company's cash receipts for the month total $74,580, of which $71,360 has been deposited in the bank. In addition, the company has written checks for $72,506, of which $71,216 has been processed by the bank. The bank statement reveals an ending balance of $12,676 and includes the following items not yet recorded by Damon: bank service fees of $280, note receivable collected by the bank of $6,300, and interest earned on the account balance plus from the note of $970. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $820 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. DAMON COMPANY Bank Reconcilliation October 31, 2021 Bank's Cash Balance Company's Cash Balance $ 12,676 Per bank statement Per general ledger 8,436 Deposits outstanding 3,220 Note received 6,300 Bank error 820 Interest earned 970 Checks outstanding 1,290 Service fees 280 15,426 Bank balance per reconciliation 15,426 Company balance per reconcilation 2. Record the necessary entries to adjust the balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit October 31, 2021 Cash 6,300 Notes Receivable 6,300 October 31, 2021 Cash 2 1,290 Interest Revenue 1,290 Service Fee Expense 280 Cash 280 Required information The following information applies to the questions displayed below. 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. Amount Date 2/4 2/11 2/18 No. Date Amount Deposits: $2,200 Checks: 1,800 2,700 3,600 1,100 321 2/2 4,200 2/8 322 500 2/12 2,000 1,700 323 2/25 324 2/19 Cash receipts 2/26-2/28 325 2/27 300 $11,400 326 2/28 800 2/28 1,400 327 Balance on February 1 $10,900 6,300 Receipts Disbursements 11,400 (10,900) Balance on February 28 $ 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 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.) OSCAR'S RED CARPET STORE Bank Reconciliation February 28, 2021 Bank's Cash Balance Company's Cash Balance Per bank statement $ 10,350 Per general ledger 1,100 S 6,800 Deposits outstanding NSF check 300 Company error 1,100 Checks outstanding 300 EFT for rent 1,200 Checks outstanding 1,400 Interest on account 200 Note collected 5,000 Interest on note 200 Service fees 100 Bank balance per reconciliation $ 9,750 Company balance per reconciliation