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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 $7,194.
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 $7,194. b. Cash receipts of $2,200 from 3/263/31 are outstanding. c. Checks 545 and 547 are outstanding. d. The deposit on 3/11 included a customer's check for $490 that did not clear the bank (NSF check). e. Check 543 was written for $3,600 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 $1,300. g. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $55. h. Last year, one of Madison's top executives borrowed $4,250 from Madison. On March 24, the executive paid $4,510 (\$4,250 borrowed amount plus $260 interest) directly to the bank in payment for the borrowing. i. The bank charged the following service fees: $39 for NSF check, $19 for automatic withdrawal for rent payment, and $23 for collection of the loan amount from the executive. 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet B Record the entries that increase cash. Note: Enter debits before credits
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