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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
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: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,150 Checks: 1,750 2,650 3,550 1,050 $ 11,150 No. 321 322 323 324 325 326 327 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Amount $ 4,150 550 1,950 1,650 350 850 1,350 $10,850 Cash receipts: Balance on February 1 Receipts Disbursements Balance on February 28 $ 6,250 11,15 (10,850) $ 6,55 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 $10,075. b. Cash receipts of $1,050 from 2/26-2/28 are outstanding. c. Checks 325 and 327 are outstandin d. The deposit on 2/11 includes a customer's check for $350 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. 9 Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $145 h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $4,900 from Oscar. On February 24, Titanic paid $5,050 ($4,900 borrowed amount plus $150 interest) directly to Academy Bank in payment for January's borrowing. i. Academy Bank charged service fees of $120 to Oscar's for the month. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the irst account field. Total entries to the same account together when entering in the journal entry worksheet.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Cash Notes Receivable Interest Revenue 2 2 Accounts Receivable Advertising Expense Rent Expense Service Fee Expense Cash
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