Madison Company's cash ledger reports the following for the month ending March 31. 10 Deposits: Date 3/4 3/11 3/18 10 points Anount $ 1,200 1,400 4,200 3,700 2,200 $ 12,700 3/25 Anount $ 5,900 500 2,900 1,200 300 No. Date Checks : 5413/2 542 3/8 543 3/12 544 3/19 545 3/27 546 547 3/30 Cash receipts: 3/26- 3/31 8 02:30.31 3/28 600 1,200 $12,600 Balance on March 1 Receipts Disbursements Balance on March 31 $ 5,400 12,700 (12,600) $ 5,500 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 $6,929. b. Cash receipts of $2,200 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 $400 that did not clear the bank (NSF check). e. Check 543 was written for $3,500 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 $1,200. g. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $54. h. Last year, one of Madison's top executives borrowed $4,100 from Madison, on March 24, the executive paid $4,350 ($4,100 borrowed amount plus $250 interest) directly to the bank in payment for the borrowing, I. The bank charged the following service fees: $33 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.) 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