**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

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