Madison Company's cash ledger reports the following for the month ending March 31 Deposita! Data 3/4 3/11 3/18 3/25 3/26- 3/31 Anout $ 1,500 1,100 3,800 3.500 No. Checko 541 542 543 Date 3/2 3/8 3/12 3/19 Amount 95,500 800 2,000 1,500 01 58:57 Cash receipts 2,300 545 3/22 300 $ 12,200 peint 546 3/28 800 547 3/30 1,400 $12,300 $ 5,500 Balance on March 1 Receipts Disbursements 12,200 (12.300) $5.400 Balance on March 31 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 $6,909. 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 $470 that did not clear the bank (NSF check). e. Check 543 was written for $2,600 for office supplies in March. The bank properly recorded the check for this amount. An automatic withdrawal for March rent was made on March 4 for $1,200. 9. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March h. Last year, one of Madison's top executives borrowed $4,150 from Madison. On March 24, the executive paid $4,400 ($4, borrowed amount plus $250 interest) directly to the bank in payment for the borrowing. 1. The bank charged the following service fees: $31 for NSF check, $19 for automatic withdrawal for rent payment, and $27 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 Connn Information from March's bank statement and company records reveals the following additional information: 1 1 a. The ending cash balance recorded in the bank statement is $6,909. 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 $470 that did not clear the bank (NSF check) e. Check 543 was written for $2,600 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 $1,200. 9. Madison's checking account earns Interest based on the average dally balance. The amount of Interest earned for March h. Last year, one of Madison's top executives borrowed $4.150 from Madison. On March 24. the executive paid $4,400 (54.1 borrowed amount plus $250 interest) directly to the bank in payment for the borrowing. 1. The bank charged the following service fees: $31 for NSF check $19 for automatic withdrawal for rent payment, and $27 collection of the loan amount from the executive. 01:58:50 Print 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 $ 1 - 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 Pent Journal entry worksheet
