No 1 Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet...
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No 1 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, 2021. 2 Deposits: Cash receipts: Balance on February 1 Receipts. Disbursements Balance on February 28 Date 2/4 2/11 2/18 2/25 2/26-2/28 Transaction 1 2 Cash Information from February's bank statement and company records reveals the following additional information: Amount $ 2,150 Checks: 1,750 2,650 3,550 1,050 $ 11,150. a. The ending cash balance recorded in the bank statement is $10,075. b. Cash receipts of $1,050 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 $350 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 $145. . Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the rst account field. Total entries to the same account together when entering in the journal entry worksheet.) $ 6,250 11,150 (10,850) $6,550 h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $4,900 from Oscar. On February 24, Titanic paid $5,050 ($4,900 borrowed amount plus $150 interest) directly to Academy Bank in payment for January's borrowing. i. Academy Bank charged service fees of $120 to Oscar's for the month. Notes Receivable Interest Revenue No. Date 321 2/2 322 2/8 323 2/12 324 2/19 325 2/27 326 2/28 327 2/28 Accounts Receivable Advertising Expense > Answer is complete but not entirely correct. Rent Expense Service Fee Expense Cash General Journal >>> 00000 Amount $ 4,150 ✔ 550 1,950 1,650 350 850 1,350 $10,850 ✓ ✓ ✔ Debit 6,295 X 250 x 350 x 1,200 X 100 X Credit 5,900 395 X 1,900 No 1 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, 2021. 2 Deposits: Cash receipts: Balance on February 1 Receipts. Disbursements Balance on February 28 Date 2/4 2/11 2/18 2/25 2/26-2/28 Transaction 1 2 Cash Information from February's bank statement and company records reveals the following additional information: Amount $ 2,150 Checks: 1,750 2,650 3,550 1,050 $ 11,150. a. The ending cash balance recorded in the bank statement is $10,075. b. Cash receipts of $1,050 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 $350 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 $145. . Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the rst account field. Total entries to the same account together when entering in the journal entry worksheet.) $ 6,250 11,150 (10,850) $6,550 h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $4,900 from Oscar. On February 24, Titanic paid $5,050 ($4,900 borrowed amount plus $150 interest) directly to Academy Bank in payment for January's borrowing. i. Academy Bank charged service fees of $120 to Oscar's for the month. Notes Receivable Interest Revenue No. Date 321 2/2 322 2/8 323 2/12 324 2/19 325 2/27 326 2/28 327 2/28 Accounts Receivable Advertising Expense > Answer is complete but not entirely correct. Rent Expense Service Fee Expense Cash General Journal >>> 00000 Amount $ 4,150 ✔ 550 1,950 1,650 350 850 1,350 $10,850 ✓ ✓ ✔ Debit 6,295 X 250 x 350 x 1,200 X 100 X Credit 5,900 395 X 1,900
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Adjusting journal entries are as follows Date General Journal Debit Credit 2021 28Feb Cash 145 To In... View the full answer
Related Book For
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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