Madison Company's cash ledger reports the following for the month ending March 31. Deposits: $ Date 3/4 3/11 3/18 3/25 3/26- 3/31 Amount 1,200 1,200 3,700 3,400 No. Date Checks: 541 3/2 542 3/8 543 3/12 544 3/19 5453/27 Amount $ 5,100 800 2,200 1,100 200 Cash receipts: 2,100 $ 11,600 600 546 547 3/28 3/30 1,300 $11,300 Balance on March 1 Receipts Disbursements Balance on March 31 $ 5,400 11,600 (11,300) $ 5,700 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 $6,790. 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 included a customer's check for $400 that did not clear the bank (NSF check). e. Check 543 was written for $2,800 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 $1,500. g. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $50. h. Last year, one of Madison's top executives borrowed $4,000 from Madison. On March 24, the executive paid $4,200 ($4,000 borrowed amount plus $200 interest) directly to the bank in payment for the borrowing. i. The bank charged the following service fees: $30 for NSF check, $10 for automatic withdrawal for rent payment, and $20 for collection of the loan amount from the executive. 1. Prepare a bank reconciliation for March 31. (Amounts to be deducted should be indicated with a minus sign.) MADISON COMPANY Bank Reconciliation March 31 Bank's Cash Balance Company's Cash Balance Before reconciliation Before reconciliation After reconciliation $ 0 After reconciliation 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.) View transaction list Journal entry worksheet TAB Record the entries that increase cash. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet