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
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The following information for the month of March is available from Butters Cookies, Inc.'s accounting records: Balance per bank statement, March 31, 2020 $12,100 Cash balance per books, March 31, 2020 15,295 Deposit made on February 28; recorded by bank on March 3 3,600 March 31, 2016, outstanding checks: #2346 438 #2348 231 #2355 107 Bank service charge for March (not recorded yet by Butters) 54 NSF check of customer returned by bank with March statement 832 A check drawn on Moore Company was erroneously charged to Butters 275 A $347 check to a supplier in payment of account was erroneously recorded on Batters' books as $437 ? Deposit made on March 31, recorded by bank on April 3 2,900 Required: a. Prepare a March 31, 2020, bank reconciliation. b. Prepare any related adjusting entries that are necessary on March 31, 2020.
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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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