Madison Company's cash ledger reports the following for the month ending March 31. Date Amount Deposits: 3/4 3/11 $ 1,400 1,500 No. Date Checks: 541 3/2 542 3/8 Amount $ 5,700 3/18 4,100 543 3/12 900 2,600 3/25 3,300 5441 3/19 1,900 3/26- Cash receipts: 2,800 545 3/27 700 3/31 $ 13,100 546 3/28 700 547 3/30 1,700 Balance on March 1 $ 5,700 $14,200 Receipts Disbursements 13,100 (14,200) Balance on March 31 $ 4,600 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 $6,257. b. Cash receipts of $2,800 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 $460 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 $1,350. g. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $52. h. Last year, one of Madison's top executives borrowed $4,250 from Madison. On March 24, the executive paid $4,490 ($4,250 borrowed amount plus $240 interest) directly to the bank in payment for the borrowing. i. The bank charged the following service fees: $35 for NSF check, $16 for automatic withdrawal for rent payment, and $24 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 Bank's Cash Balance Before reconciliation March 31 Company's Cash Balance Before reconciliation