Madison Company's cash ledger reports the following for the month ending March 31 Deposits Date 3 2 Amount $ 5,500 3 8 Date 3 4 3 11 3 18 3 25 3 26 3 31 No Checks 541 542 543 544 500 Amount $ 1,100 1,200 3,600 3,200 2,100 3 12 3 19 2,100 1,600 400 Cash receipts 545 3 27 $ 11,200 546 547 3 28 3 30 700 1,200 $12,000 Balance on March 1 Receipts Disbursements Balance on March 31 $ 5,900 11,200 (12,000) $ 5,100 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 $6,834 b Cash receipts of $2,100 from 3 263 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 $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 $1,300 g Madison's checking account earns interest based on the average daily balance The amount of interest earned for March is $59 h Last year, one of Madison's top executives borrowed $4,350 from Madison On March 24, the executive paid $4,610 ($4,350 borrowed amount plus $260 interest) directly to the bank in payment for the borrowing i The bank charged the following service fees $36 for NSF check, $19 for automatic withdrawal for rent payment, and $20 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 Bank's Cash Balance Company's Cash Balance Before reconciliation 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 the first account field ) View transaction list Journal entry worksheet Record the entries that increase cash Note Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

Question

Madison Company's cash ledger reports the following for the month ending March 31  Deposits  Date 3 2 Amount $ 5,500 3 8 Date 3 4 3 11 3 18 3 25 3 26  3 31 No  Checks  541 542 543 544 500 Amount $ 1,100 1,200 3,600 3,200 2,100 3 12 3 19 2,100 1,600 400 Cash receipts  545 3 27 $ 11,200 546 547 3 28 3 30 700 1,200 $12,000 Balance on March 1 Receipts Disbursements Balance on March 31 $ 5,900 11,200 (12,000) $ 5,100 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 $6,834  b  Cash receipts of $2,100 from 3 263 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 $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 $1,300  g  Madison's checking account earns interest based on the average daily balance  The amount of interest earned for March is $59  h  Last year, one of Madison's top executives borrowed $4,350 from Madison  On March 24, the executive paid $4,610 ($4,350 borrowed amount plus $260 interest) directly to the bank in payment for the borrowing  i  The bank charged the following service fees  $36 for NSF check, $19 for automatic withdrawal for rent payment, and $20 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 Bank's Cash Balance Company's Cash Balance Before reconciliation 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 the first account field ) View transaction list Journal entry worksheet Record the entries that increase cash  Note  Enter debits before credits  Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

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Madison Company's cash ledger reports the following for the month ending March 31. Deposits: Date 3/2 Amount $ 5,500 3/8 Date 3/4 3/11 3/18 3/25

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