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2. Record the necessary cash adjustments. Madison Company's cash ledger reports the following for the month ending March 31. Date Amount No Date 1,200 Checks

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2.

Record the necessary cash adjustments.

Madison Company's cash ledger reports the following for the month ending March 31. Date Amount No Date 1,200 Checks 541 3/2 1,300 542 3/8 Amount 5,500 Deposits 3/4 700 3/18 4,400 543 3/12 2,500 3/25 3,900 544 3/19 1,900 Cash receipts: 3/26-3/31 2,100 545 3/27 500 546 3/28 600 12,900 547 3/30 1,200 5,300 $12,900 Balance on March 1 Receipts 12,900 Disbursements (12,900) 5,300 Balance on March 31 Information from March's bank statement and company records reveals the following additional information: a. The ending cash balance recorded in the bank statement is $7,409. b. Cash receipts of $2,100 from 3/26-3/31 are outstanding. c. Checks 545 and 547 are outstanding. d. The deposit on 3/11 includes a customer's check for $430 that did not clear the bank (NSF check). e. Check 543 was written for $3,100 for office supplies in March. The bank properly recorded the check for this amount. f. An automatic withdrawal for March rent was made on March 4 for $1,100. g. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $59. h. Last year, one of Madison's top executives borrowed $4,450 from Madison. On March 24, the executive paid $4,660 ($4,450 borrowed amount plus $210 interest) directly to the bank in payment forthe borrowing i. The bank charged the following service fees: $38 for NSF check, $15 for automatic withdrawal for rent payment, and $27 for collection of the loan amount from the executive

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