(Solved): Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each ...

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, \( 2021 . \) 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 \( \$ 8,160 \). b. Cash receipts of \( \$ 700 \) 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 \( \$ 2,500 \) for advertising in February. The bank properly recorded the check for this amount. f. 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 daily balance. The amount of interest earned for February is \( \$ 110 \). h. In January, one of Oscar's suppliers, Titanic Fabrics, borrowed \( \$ 4,200 \) from Oscar. On February 24 , Titanic paid \( \$ 4,400 \) ( \( \$ 4,200 \) borrowed amount plus \( \$ 200 \) interest) directly to Academy Bank in payment for January's borrowing. i. Academy Bank charged service fees of \( \$ 100 \) to Oscar's for the month. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in th first account field. Total entries to the same account together when entering in the journal entry worksheet.) Journal entry worksheet Record the amounts that increase cash. Note: Enter debits before credits. Journal entry worksheet Record the amounts that decrease cash. Note: Enter debits before credits.