Assignment: Accounting for Cash Reconcile Jackson Company's book balance of cash with its bank statement cash balance as of March 31, 20XX. 1. On March 31, the company's Cash account has a $27,497 debit balance, but its March bank statement shows a $27,233 cash balance. 2. Check No. 303 for $1,482 and Check No. 304 for $558 were outstanding on the February 28 bank reconciliation. Check No. 304 is listed with the March canceled checks, but Check No. 303 is not. Also, Check No. 306 for $382 and Check No. 309 for $2,281, both written in March, are not among the canceled checks on the March 31 statement. 3. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 305 for March rent was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,250. 4. A credit memorandum enclosed with the March bank statement indicates the bank collected $8,000 cash on a non-interest-bearing note for Branch, deducted a $45 collection fee, and credited the remainder to its account. Branch had not recorded this event before receiving the statement. 5. A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. 6. Enclosed with the March statement is a $25 debit memorandum for bank services. It has not yet been recorded because no previous notification had been received. 7. Branch's March 31 daily cash receipts of $11,514 were placed in the bank's night depository on that date, but do not appear on the March 31 bank statement. Instructions Prepare the bank reconciliation for this company as of March 31, 20XX. Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of March 31, 20XX. Part 1: Bank Reconciliation Jackson Company Bank Statement Balance Add Deduct: Outstanding Bank Reconciliation Book Balance Add Deduct Adjusted Bank Balance |Adjusted Book Balance Part 2: Journal Entries General Journal Date Description PR Debit Credit