Madison Company's cash ledger reports the following for the month ending March 31. Date Deposits: 3/4 Amount $ 1,000 No. Date Checks: 541 312 Amount $6,000 3/11 1,900 542 3/8 700 3/18 4,000 543 3/12 2,500 3/25 3,900 544 3/19 1,300 Cash receipts: 3/26-3/31 2,000 545 3/27 500 $ 12,800 546 3/28 700 547 3/30 1,100 Balance on March 1 Receipts $ 5,600 $12,800 Disbursements 12,800 (12,800) Balance on March 31 $ 5,000 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 $7,123. b. Cash receipts of $2,000 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 $3,100 for office supplies in March. The bank properly recorded the check for this amount. 1. 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 $52. h. Last year, one of Madison's top executives borrowed $4,050 from Madison. On March 24, the executive paid $4,280 ($4,050 borrowed amount plus $230 interest) directly to the bank in payment for the borrowing 1. The bank charged the following service fees $31 for NSF check, $14 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 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 After reconciliation i After reconciliation 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in first account field.) View transaction list Journal entry worksheet A B Record the entries that increase cash. View transaction list Journal entry worksheet