Ithe Following Information Applies Questions Displayed Belowj Oscar S Red Carpet Store Mai Q18386488

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IThe following information applies to the questions displayed belowj Oscars Red 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 companys cash edger for the month ending February 28, 2015. te Amount No. Date Amount 3,850 1,850 Checks Deposits: 2/4 321 2/2 1.450 322 2/8 600 2,350 2/18 323 2/12 1,650 1,350 2/25 3,250 324 2/19 2/26- Cash receipts: 750 325 2/27 400 2/28 326 2/28 900 9,650 327 2/28 1,050 $9,800 5,950 Balance on February 1 Receipts 9,650 (9,800) Disbursements 5,800 Balance on February 28 nformation from Februarys bank statement and company records reveals the following additiona information: a. The ending cash balance recorded in the bank statement is $8,395. b. Cash receipts of $750 from 2/26-2/28 are outstanding. C. Checks 325 and 327 are outstanding. d. The deposit on 2/11 includes a customers check for $400 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. n automatic withdrawal for Oscars February rent was made on February 4 for $1,300. g. Oscars checking account earns interest based on the average daily balance. The amount of interest earned for February is $115. h. In January, one of Oscars suppliers, Titanic Fabrics, borrowed $4,300 from Oscar. On February 24, Titanic paid $4,450 ($4,300 borrowed amount plus $150 nterest directly to Academy Bank in payment for Januarys borrowing. i. Academy Bank charged the following service fees to Oscars: $40 for NSF check, $20 for automatic withdrawal for rent payment, and $60 for collection of the loan amount from Titanic.

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IThe following information applies to the questions displayed belowj 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 edger for the month ending February 28, 2015. te Amount No. Date Amount 3,850 1,850 Checks Deposits: 2/4 321 2/2 1.450 322 2/8 600 2,350 2/18 323 2/12 1,650 1,350 2/25 3,250 324 2/19 2/26- Cash receipts: 750 325 2/27 400 2/28 326 2/28 900 9,650 327 2/28 1,050 $9,800 5,950 Balance on February 1 Receipts 9,650 (9,800) Disbursements 5,800 Balance on February 28 nformation from February’s bank statement and company records reveals the following additiona information: a. The ending cash balance recorded in the bank statement is $8,395. b. Cash receipts of $750 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 $400 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. n 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 $115. h. In January, one of Oscar’s suppliers, Titanic Fabrics, borrowed $4,300 from Oscar. On February 24, Titanic paid $4,450 ($4,300 borrowed amount plus $150 nterest directly to Academy Bank in payment for January’s borrowing. i. Academy Bank charged the following service fees to Oscar’s: $40 for NSF check, $20 for automatic withdrawal for rent payment, and $60 for collection of the loan amount from Titanic. Show transcribed image text

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