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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

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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. Deposits: No. 321 322 Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,050 Checks: 1,650 2,550 3,450 950 $ 10,650 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 323 324 325 326 Cash receipts: Amount $ 4,050 650 1,850 1,550 450 950 1,250 $10,750 327 Balance on February 1 Receipts Disbursements Balance on February 28 $ 6,150 10,650 (10,750) $ 6,050 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 $9,560. b. Cash receipts of $950 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 $450 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 $1,100. g. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $135. h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $4,700 from Oscar. On February 24, Titanic paid $4,950 ($4,700 borrowed amount plus $250 interest) directly to Academy Bank in payment for January's borrowing. i. Academy Bank charged service fees of $125 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 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 Company's Cash Balance Per general ledger Bank's Cash Balance Per bank statement Bank balance per reconciliation Company balance per 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.) View transaction list Journal entry worksheet Record the amounts that increase cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal 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 Record the amounts that decrease cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal

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