Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. quastion 2a p4-2a oscar's red carpet store main

Quastion 2A P4-2A Oscar's Red Carpet Store maintains a checking account with...

60.1K

Verified Solution

Question

Accounting

image
imageQuastion 2A
P4-2A 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, 2018. Date rs 2/18 Amount No. Date Amount $ 4,700 400 2,500 2,200 200 700 1,900 $12,600 Deposits: 2,700 Checks: 321 2/2 2,300 3.200 4,100 Cash receipts: 2/26-2/28 1600 $13,900 322 2/8 323 2/12 324 2/19 3252/27 326 2/28 327 2/28 2/25 Balance on February 1 Receipts Disbursements Balance on February 28 6,800 13,900 (12.600) $ 8,100 Information from February's bank statement and company records reveals the following additional information a. The ending cash balance recorded in the bank statement is $13,145 b. Cash receipts of $1,600 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 $200 that did not clear the bank (NSF check) properly recorded the check for this amount. for $1,100 e. Check 323 was written for $2.800 for advertising in February. The bank f An automatic withdrawal for Oscar's February rent was made on February 4

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students