**Bank Reconciliation for Oscar's Checking Account****Date:** February 28, 2021---**Instructions:**1. Prepare a bank reconciliation for Oscar's checking account on February 28, 2021. Note that amounts to be deducted should be indicated with a 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**---**Table Layout:**- **Columns:** - **Bank's Cash Balance** - Per bank statement - [Empty lines for adjustments] - Bank balance per reconciliation - **Company's Cash Balance** - Per general ledger - [Empty lines for adjustments] - Company balance per reconciliation---This template is used to reconcile discrepancies between the bank's records and the company's financial records. For each side, list the starting balance, detail any necessary adjustments, and calculate the balance after reconciliation. 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. Below is the information from the company’s cash ledger for February 2021:### Deposits- **2/4:** $2,000- **2/11:** $1,600- **2/18:** $2,500- **2/25:** $3,400 - **Cash receipts (2/26-2/28):** $900 - **Total Deposits:** $10,400### Checks Issued- **No. 321 (2/2):** $4,000- **No. 322 (2/8):** $450- **No. 323 (2/12):** $1,800- **No. 324 (2/19):** $1,500- **No. 325 (2/27):** $250- **No. 326 (2/28):** $750- **No. 327 (2/28):** $1,200 - **Total Checks:** $9,950### Summary of Balances- **Balance on February 1:** $6,100- **Receipts:** $10,400- **Disbursements:** ($9,950)- **Balance on February 28:** $6,550### Additional Information from February's Bank Statement and Recordsa. The ending cash balance recorded in the bank statement is $9,610.b. Cash receipts of $900 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 $250 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.g. Oscar’s checking account earns interest based on the average daily balance. The amount of interest earned for February is $130.h. In January, one of Oscar’s suppliers, Titanic Fabrics, borrowed $4,600 from Oscar. On February 24, Titanic paid $4,750 ($4,600

Bank reconciliation statement is the checking statement which helps to balance the year ending…

Required: 1. Prepare a bank reconciliation for Oscar's checking account on February 28, 2021. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.)

Required: 1. Prepare a bank reconciliation for Oscar's checking account on February 28, 2021. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare journal entries to record the November transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit (To record cash deposits on personal bank account) (To open bank account)
7
Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. EFT transfer to a supplier. 2. Bank service charge. 3. Check printing charge. 4. Error recording check #214 which was written for $450 but recorded for $540. 5. Collection of note and interest by bank on company's behalf.
In the normal operation of business you receive a check from a customer and deposit it into your checking account. With your bank statement you are advised that this check for $775 is NSF. The bank also informs you that due to the amount of activity on your business account the monthly service charge is $75. During a bank reconciliation, you will: a. add both values from balance according to books. b. subtract both values from balance according to books. c. add both values from balance according to bank. d. subtract both values from balance according to bank.
If a company made a bank deposit on September 30 that did not appear on the bank statement dated September 30, in preparing the September 30 bank reconciliation, the company should: Multiple Choice Add the deposit to the bank statement balance. Skip the bank reconciliation this month. Add the deposit to the book balance of cash. Deduct the deposit from the bank statement balance. Deduct the deposit from the September 30 book balance and add it to the October 1 book balance.
Based on the he following information,preaper a blank reconciliation to determine the adjusted( corrected) balance; ( input each amount bas a positive value) Bank balance. $680 Checkbook balance. $642 Outstanding checks. $112 Direct deposit. $70 Account fees. $12 ATM withdrawal $80 Deposit in transit. $60 Interest earned. $8 Bank statement. Your checkbook
Coasters Co. issued a note receivable to a customer. The customer made payment directly to the Coaster’s bank. The payment appeared on the month-end bank statement. How would this payment be adjusted in the bank reconciliation? Add to company records (book side) Subtract from company records (book side) Subtract from bank statement (bank side) Add to bank statement (bank side)
Using the reconciling items below, prepare a bank reconciliation for the September 30, 2021 year end. For every item on the bank reconciliation, explain what supporting evidence you would obtain to test the item (be specific, do not just say “look at supporting documentation”). Also, provide your conclusion – based on your bank reconciliation, is the cash balance in the client’s books correct? If not – quantify the error. 1. Cash balance per client $100,000 2. Cash balance per the bank statement $100,000 3. The company wrote mailed the following cheques on September 30, 2021, which did not get cashed until October 2, 2021. a. Cheque 1234 $2,000 b. Cheque 2345 $4,000 c. Cheque 3456…
Can you please show your work on how you came up with the balance per bank and the balance per book on the reconciliation statement? Branson Co. received its bank statement for the month ending May 31, 2019, and reconciled the statement balance to the May 31, 2019, balance in the Cash account. The reconciled balance was determined to be $36,400. The reconciliation recognized the following items: A deposit made on May 31 for $22,700 was included in the Cash account balance but not in the bank statement balance. Checks issued but not returned with the bank statement were No. 673 for $4,550 and No. 687 for $9,700. Bank service charges shown as a deduction on the bank statement were $110. Interest credited to Branson Co.'s account but not recorded on the company's books amounted to $88. Returned with the bank statement was a "debit memo" stating that a customer's check for $3,240 that had been deposited on May 23 had been returned because the customer's account was overdrawn. During a…
I need help with question
Please help me . Thankyou.
An adjusting entry is required for: Select one© a. Deposit în transit.O b. Outstanding checksO c. Bank errorsO d. Collection of a note by the bank