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Madison Company's cash ledger reports the following for the month ending March 31 547 Date Amount No. Date Amount Deposits: 3/4 $ 1,180 Checks: 541
Madison Company's cash ledger reports the following for the month ending March 31 547 Date Amount No. Date Amount Deposits: 3/4 $ 1,180 Checks: 541 3/2 55,700 3/11 1,600 542 3/8 800 3/18 4,288 543 3/12 2.100 3/25 3,200 544 3/19 1,800 Cash receipts: 3/26-3/31 2,500 545 3/27 500 $ 12,6ee 546 3/28 500 3/30 1,200 Balance on March 1 $ 5,800 $12,600 Receipts 12,600 Disbursements (12.600) Balance on March 31 $ 5,800 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 $7,537. b. Cash receipts of $2,500 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 $500 that did not clear the bank (NSF check), e. Check 543 was written for $2,700 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 $1,000. g. Madison's checking account earns interest based on the average daily balance. The amount of intgrest earned for March is $58. h. Last year, one of Madison's top executives borrowed $4,450 from Madison. On March 24, the executive paid $4,660 ($4.450 borrowed amount plus $210 interest) directly to the bank in payment for the borrowing 1. The bank charged the following service fees: $39 for NSF check. $17 for automatic withdrawal for rent payment, and $25 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.) NADISON COMPANY Bank Reconciliation 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 Company's Cash Balance Before reconciliation Bank's Cash Balance Before reconciliation 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 th first account field.) View transaction list Journal entry worksheet Record the entries that decrease cash. Note: Enter debits bofore credits Debit General Journal Transaction Credit View general Journal Record entry Clear entry
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