Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makesbank deposits only once per week. The following provides information from the company's cash ledger for the monthending February 28, 2021.Date2/42/112/182/252/26-2/28No.321322323324AmountDateAmount$2,300 Checks:1,9002,8003,7001,200$ 11,900$ 4,300600Deposits:2/22/82/122/192/272,1001,800400Cash receipts:3253262/289001,500$11,6003272/28Balance on February 1$ 6,400ReceiptsDisbursements11,900(11,600)$ 6,700Balance on February 28Information from February's bank statement and company records reveals the following additional information:a. The ending cash balance recorded in the bank statement is $10,390.b. Cash receipts of $1,200 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 $400 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.g. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned forFebruary is $160.h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,200 from Oscar. On February 24, Titanic paid $5,350($5,200 borrowed amount plus $150 interest) directly to Academy Bank in payment for January's borrowing. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in thefirst account field. Total entries to the same account together when entering in the journal entry worksheet.)View transaction listJournal entry worksheet1>Record the amounts that increase cash.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1

Adjusting entries are defined as required at the end of every fiscal period in order to align the…

scar 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. Amount $ 4,300 Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,300 Checks: 1,900 2,800 3,700 1,200 No. 321 322 323 324 325 Date 2/2 2/8 2/12 2/19 2/27 Deposits: 600 2,100 1,800 400 Cash receipts: $ 11,900 326 2/28 900 1,500 $11,600 327 2/28 Balance on February 1 $ 6,400 Receipts Disbursements 11,900 (11,600) $ 6,700 Balance on February 28

scar 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. Amount $ 4,300 Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,300 Checks: 1,900 2,800 3,700 1,200 No. 321 322 323 324 325 Date 2/2 2/8 2/12 2/19 2/27 Deposits: 600 2,100 1,800 400 Cash receipts: $ 11,900 326 2/28 900 1,500 $11,600 327 2/28 Balance on February 1 $ 6,400 Receipts Disbursements 11,900 (11,600) $ 6,700 Balance on February 28

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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Franklin Company deposts all cash receipts on the day they are received and makes all cash payments by check. At the dove of business on August 31. as Cash account shows a debit balance of $13362 Franke's August tiank statement shows a $14.237 balance in the bank Determine the adjusted cash balance using the following information Deposit in transit Outstanding checks Bank service fees, not yet recorded by company The bank collected on a note receivable, not yet recorded by the company The adjusted cash balance should be O O O C $1873 $10.333 SHUBEY saja Help Seve&ait $4,500 $3,000 $50 $1,725
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In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: Cash balance per company books on January 30 $ 6,825 Deposits in transit at month-end $ 2,220 Outstanding checks at month-end $ 730 Bank service charges $ 46 An NSF check returned on a customer account $ 800 The adjusted cash balance per the books on January 31 is: Multiple Choice $7,724 $6,994 $5,979 $6,663 $7,196
Singleako Company has the following data for the Month of December. November 30 December 31 Cash in bank Account Statement 2,032,000 3,160,000 Bank Statement 1,890,000 2,900,000 Bank Debits 1,080,000 Bank Credits ? Book Debits ? Book Credits 1,440,000 Outstanding Checks Deposit in Transit Check erroneously charged by the bank against Entity's account (corrected in subsequent month) Bank service charge Note recorded as cash receipt by the entity when Placed with bank for collection 180,000 592,000 80,000 498,000 40,000 50,000 2,000 4,000 (Note is actually collected by the bank in subsequent Month and credited by bank to entity's account in same Month) 200,000 300,000 Required: Prepare four-column reconciliation showing the adjusted balances. Prepare adjusting entry/ies.
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A deposit of $25,000 made by Federal Trading appeared on the bank statement of Fidel Trading. hello, i am working on a Cash Book and did this as the entry for the statement above. would that be correct? if so can you explain how? cashbook DATE ACCOUNT TITLE DEBIT DATE ACCOUNT TITLE CREDIT 30-November-10 Accounts receivable $25000
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In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: Cash balance per company books on January 30 $ 6,825 Deposits in transit at month-end $ 2,220 Outstanding checks at month-end $ 730 Bank service charges $ 46 EFT automatically deducted monthly, not yet recorded by Maxi $ 800 An NSF check returned on a customer account $ 475 The adjusted cash balance per the books on January 31 is: a)$7,724 b)$7,196 c)$6,663 d)$5,504
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