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, 2024. Date Deposits: 2/4 Amount $2,700 Number Date Amount Checks: 323 2/12 $2,500 2/11 2,300 324 2/19 2,200 2/18 3,200 325 2/27 200 2/25 4,100 326 2/28 700 Cash 2/26- 1,600 327 2/28 1,900 receipts: 2/28 $13,900 $7,500 Amount Balance on February 1 $6,800 Receipts 13,900 Disbursements (7,500) Balance on February 28 $13,200 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 $13,145. b. Cash receipts of $1,600 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 $200 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 EFT withdrawal for Oscar's February rent was made on February 4 for $1,100. g. Debit card transactions include $4,700 for legal fees expense and $400 for entertainment expense. h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $6,000 from Oscar. On February 24, Titanic paid $6,270 ($6,000 borrowed amount plus $270 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, 2024. 2. Record the necessary cash adjustments. Complete this question by entering your answers in the tabs below. Required Required 1 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.) View transaction list Journal entry worksheet < 1 2 Record the amounts that increase cash. Note: Enter debits before credits. >
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, 2024. Date Deposits: 2/4 Amount $2,700 Number Date Amount Checks: 323 2/12 $2,500 2/11 2,300 324 2/19 2,200 2/18 3,200 325 2/27 200 2/25 4,100 326 2/28 700 Cash 2/26- 1,600 327 2/28 1,900 receipts: 2/28 $13,900 $7,500 Amount Balance on February 1 $6,800 Receipts 13,900 Disbursements (7,500) Balance on February 28 $13,200 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 $13,145. b. Cash receipts of $1,600 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 $200 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 EFT withdrawal for Oscar's February rent was made on February 4 for $1,100. g. Debit card transactions include $4,700 for legal fees expense and $400 for entertainment expense. h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $6,000 from Oscar. On February 24, Titanic paid $6,270 ($6,000 borrowed amount plus $270 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, 2024. 2. Record the necessary cash adjustments. Complete this question by entering your answers in the tabs below. Required Required 1 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.) View transaction list Journal entry worksheet < 1 2 Record the amounts that increase cash. Note: Enter debits before credits. >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
i need the answer quickly
![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, 2024.
Date
Deposits:
2/4
Amount
$2,700
Number Date Amount
Checks: 323 2/12 $2,500
2/11
2,300
2/18
3,200
2/25
4,100
324 2/19
325
2/27
326 2/28
2,200
200
700
Cash
2/26-
1,600
327
receipts:
2/28
2/28
1,900
$13,900
$7,500
Amount
Balance on February 1
$6,800
Receipts
13,900
Disbursements
(7,500)
Balance on February 28 $13,200
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 $13,145.
b. Cash receipts of $1,600 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 $200 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 EFT withdrawal for Oscar's February rent was made on February 4 for $1,100.
g. Debit card transactions include $4,700 for legal fees expense and $400 for entertainment expense.
h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $6,000 from Oscar. On February 24, Titanic paid
$6,270 ($6,000 borrowed amount plus $270 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, 2024.
2. Record the necessary cash adjustments.
Complete this question by entering your answers in the tabs below.
Required Required
1
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.)
View transaction list
Journal entry worksheet
<
1
2
Record the amounts that increase cash.
Note: Enter debits before credits.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1613a2ad-9c52-435f-ab2a-f664abda7939%2Ff2d6db30-aa57-4593-920f-440246894e03%2F0uys039_processed.png&w=3840&q=75)
Transcribed Image Text: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, 2024.
Date
Deposits:
2/4
Amount
$2,700
Number Date Amount
Checks: 323 2/12 $2,500
2/11
2,300
2/18
3,200
2/25
4,100
324 2/19
325
2/27
326 2/28
2,200
200
700
Cash
2/26-
1,600
327
receipts:
2/28
2/28
1,900
$13,900
$7,500
Amount
Balance on February 1
$6,800
Receipts
13,900
Disbursements
(7,500)
Balance on February 28 $13,200
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 $13,145.
b. Cash receipts of $1,600 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 $200 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 EFT withdrawal for Oscar's February rent was made on February 4 for $1,100.
g. Debit card transactions include $4,700 for legal fees expense and $400 for entertainment expense.
h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $6,000 from Oscar. On February 24, Titanic paid
$6,270 ($6,000 borrowed amount plus $270 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, 2024.
2. Record the necessary cash adjustments.
Complete this question by entering your answers in the tabs below.
Required Required
1
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.)
View transaction list
Journal entry worksheet
<
1
2
Record the amounts that increase cash.
Note: Enter debits before credits.
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