Oscar’s Red Carpet Store maintains a checking account with Academy Bank. Oscar’s sells carpet each..

Oscar’s Red Carpet Store maintains a checking account with Academy Bank. Oscar’s sells carpet each..
  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. No. 321 Deposits: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,600 Checks 2,200 3,100 4,000 1,500 $ 13,400 322 323 324 325 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Amount $ 4,600 650 2,400 2,100 450 950 1,800 $12.950 Cash receipt 326 327 Balance on February 1 Receipts Disbursements Balance on February 20 6,700 13,400 (12,950) $ 7,150 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 $11.7. b. Cash receipts of $1,500 from 2/26-2/28 are outstanding, c. Checks 325 and 327 are outstanding. d. The deposit on 2/1 includes a customer's check for $450 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 $1,300, 9. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for February is $190. h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,800 from Oscar. On February 24, Titanic pald $5,950 ($5,800 borrowed amount plus $150 interest) directly to Academy Bank in payment for January's borrowing 1. Academy Bank charged service fees of $120 to Oscar's for the month. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the st account field. Total entries to the same account together when entering in the journal entry worksheet.) View transaction list Journal entry worksheet 1 2 Record the amounts that increase cash. Note: Enter debits before credits Debit General Journal Transaction Credit 1 Cash Record entry Clear entry View general Journal View transaction list Journal entry worksheet < 2="" record="" the="" amounts="" that="" decrease="" cash.="" note:="" enter="" debits="" before="" credits.="" general="" journal="" debit="" credit="" transaction="" 2="" record="" entry="" clear="" entry="" view="" general="" journal="" dr.="" go="" ma="" answer="" is="" complete="" and="" correct.="" oscar's="" red="" carpet="" store="" bank="" reconciliation="" february="" 28,="" 2021="" bank's="" cash="" balance="" company's="" cash="" balance="" per="" bank="" statement="" $="" 11,770="" per="" general="" ledger="" deposits="" outstanding="" 1,500="" nsf="" check="" checks="" outstanding="" (2,250)="" company="" error="" eft="" for="" rent="" interest="" on="" account="" note="" collected="" interest="" on="" note="" service="" fees="" $="" 7,150="" (450)="" (400)="" (1.300)="" 190="" 5,800="" 150="" (120)="" ooo=""> $ 11,020 $ 11,020 Company balance per reconciliation Bank balance per reconciliation May 16 2022 03:13 PM

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