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Reynolds's Red Carpet Store maintains a checking account with Academy Bank. Reynolds's sells carpet each day but makes bank deposits only once per week. The

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Reynolds's Red Carpet Store maintains a checking account with Academy Bank. Reynolds'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 , 2024. 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 $9,295. b. Cash receipts of $1,050 from 2/262/28 are outstanding. c. Checks 325 and 327 are outstanding. 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 EFT withdrawal for Reynolds's February rent was made on February 4 for $1,300. 9. Deblt card transactions include $4,810 for legal fees expense and $500 for entertainment expense. h. In January, one of Reynolds's suppliers, Titanic Fabrics, borrowed $4,900 from Reynolds. On February 24 , Titanic paid $5,050 (\$4,900 borrowed amount plus \$150 interest) directly to Academy Bank in payment for January's borrowing. 1. Academy Bank charged service fees of $145 to Reynolds's for the month. Required: 1. Prepare a bank reconciliation for Reynolds's checking account on February 28, 2024. 2. Record the necessary cash adjustments. Complete this question by entering your answers in the tabs below. Prepare a bank reconcillation for Reynolds's checking account on February 28, 2024. (Amounts to be deducted should be Indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet

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