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Required information The following information applies to the questions displayed below.) 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. Deposita: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,350 Checks: 1,950 2,850 3,750 1,250 $ 12,150 No. 321 322 323 324 325 326 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Cash receipts: Amount $ 4,350 650 2,150 1.850 450 950 1,550 $11,950 327 Balance on February 1 Receipts Disbursements Balance on February 28 $ 6,450 12,150 (11,950) $ 6,650 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 $10,665. b. Cash receipts of $1,250 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 $450 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 1. An automatic withdrawal for Oscar's February rent was made on February 4 for $1,200, g. Oscar's checking account earns interest based on the average dally balance. The amount of interest earned for February is $165 h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed $5,300 from Oscar. On February 24, Titanic paid $5,500 ($5,300 borrowed amount plus $200 interest) directly to Academy Bank in payment for January's borrowing, Araramu Ranthamor contine fose of interarte in the month Prev of 2 Next >

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