80.2K

Verified Solution

Link Copied!

Uscars rea Carpet Store maintains a checking account with Academy Bank. Oscars 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. No. Deposits: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,650 Checks: 2,250 3,150 4,050 1,550 $ 13,650 321 322 323 324 325 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Cash receipts: Amount $ 4,650 454 2,450 2,150 250 750 1,350 $12,55e 326 322 Balance on February 1 Receipts Disbursements Balance on February 28 $ 6,750 13,650 (12,550) $ 7,850 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 $12.795, b. Cash receipts of $1,550 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 $250 that did not clear the bank (NSF check) e. Check 323 was written for $2,800 for advertising in February. The bank propewly recorded the check for this amount f. An automatic withdrawal for Oscar's February rent was made on February 4 for $1,200. 9. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for Uscars rea Carpet Store maintains a checking account with Academy Bank. Oscars 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. No. Deposits: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,650 Checks: 2,250 3,150 4,050 1,550 $ 13,650 321 322 323 324 325 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Cash receipts: Amount $ 4,650 454 2,450 2,150 250 750 1,350 $12,55e 326 322 Balance on February 1 Receipts Disbursements Balance on February 28 $ 6,750 13,650 (12,550) $ 7,850 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 $12.795, b. Cash receipts of $1,550 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 $250 that did not clear the bank (NSF check) e. Check 323 was written for $2,800 for advertising in February. The bank propewly recorded the check for this amount f. An automatic withdrawal for Oscar's February rent was made on February 4 for $1,200. 9. Oscar's checking account earns interest based on the average daily balance. The amount of interest earned for

Answer & Explanation Solved by verified expert

See Answer