Valentine Investigations has the following information for its cash account:
Balance, 1/31 ............... $ 7,444
Deposits during February ........... 106,780
Checks written during February ........ 102,341
Valentine€™s bank statement for February contained the following information:

A comparison of company records with the bank statement provided the following data:

Required:
1. Prepare a bank reconciliation as of February 28.
2. Prepare adjusting entries for Valentine based on the information developed in the bank reconciliation.
3. What is the amount of cash that should be reported on the February 28 balance sheet?

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Balance per bank, 1/31 Add: February deposits $8,910 104,950 113,860 Less: $(101,400! Checks paid in February Bank service charge Debit memo (electric bill) (50 18001 (102,250 11,610 Balance per bank, 2/28 Deposits in transit Outstanding checks $2,750 $4,580 4,216 5,157