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 $ 1,400 1,400 3,600 3,200 2,300 $ 11,900 No. Checks: 541 542 543 544 545 546 547 Date 3/2 3/8 3/12 3/19 3/27 3/28 3/30 Amount $ 5,600 800 2,100 1,400 300 500 1,100 $11,800 Cash receipts: $ 5,500 Balance on March 1 Receipts Disbursements Balance on March 31 11,900 (11,800) $ 5,600 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 $6,950. b. Cash receipts of $2,300 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 $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 $1,150. g. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $56. h. Last year, one of Madison's top executives borrowed $4,200 from Madison. On March 24, the executive paid $4,460 ($4,200 borrowed amount plus $260 interest) directly to the bank in payment for the borrowing. 1. The bank charged the following service fees: $30 for NSF check. $19 for automatic withdrawal for rent payment, and $27 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 Company's Cash Balance Before reconciliation Bank's Cash Balance Before reconciliation After reconciliation S 0 After reconciliation S 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 Journal entry worksheet A B > Record the entries that increase cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1