Madison Company's cash ledger reports the following for the month ending March 31. 2 Deposits: No. Checks: 541 Amount $ 5,400 542 900 Date 3/4 3/11 3/18 3/25 3/26- 3/31 Date 3/2 3/8 3/12 3/19 10 points Amount $ 1,700 1,000 4,100 3,600 2,700 543 544 2,600 1,700 Cash receipts: 545 3/27 600 8 00:39:27 $ 13,100 546 547 3/28 3/30 600 2,000 $13,800 Balance on March 1 Receipts Disbursements Balance on March 31 $ 6,100 13,100 (13,800) $ 5,400 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 $7,920. b. Cash receipts of $2,700 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 $440 that did not clear the bank (NSF check). e. Check 543 was written for $3,200 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 $1,050. 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 $4,450 from Madison. On March 24, the executive paid $4,730 ($4,450 borrowed amount plus $280 interest) directly to the bank in payment for the borrowing. i. The bank charged the following service fees: $38 for NSF check, $13 for automatic withdrawal for rent payment, and $24 for collection of the loan amount from the executive. D.3: Module D Wrap-up Saved Help Save & Exit Submit Submit 1. Prepare a bank reconciliation for March 31. (Amounts to be deducted should be indicated with a minus sign.) 2 MADISON COMPANY Bank Reconciliation March 31 Company's Cash Balance Before reconciliation 10 points Bank's Cash Balance Before reconciliation 00:39:08 After reconciliation $ 0 After reconciliation $ 0 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 D.3: Module D Wrap-up Saved Help Save & Exit Submit 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.) 2 View transaction list 10 points Journal entry worksheet X 00:38:48 Record the entries that decrease cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal