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reconciliation and journal entry please Madison Company's cash ledger reports the following for the manth ending March a1. Information from March's bank statement and company
reconciliation and journal entry please
Madison Company's cash ledger reports the following for the manth ending March a1. 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 $7.128. b. Cash receipts of $2,200 from 3/263/31 are outstanding. c. Checks 545 and 547 are outstanding. 1. The deposit on 3/11 included an NSF check from a customer in the amount of $470 that did not clear the ba Check 543 was written for $3,100 for office supplies in March. The bank properly recorded the check for th Information from March's bank statement and company records reveals the following addivionat intormnuon: a. The ending cosh balance recorded in the bank statement is 57,128 b. Cash recelpts of $2,200 from 3/263/31 are outstanding c. Checks 545 and 547 are outstanding d. The deposit on 3/11 included an NSF check from a customer in the amount of 5470 that did not clear the bank e. Check 543 was written for $3.100 for office supplies in March. The bank property recorded the check for this amount. f. An electronic funds transfer (EFT) for March rent was made on March 4 for $1,150. 9. Madison's checking account earns interest based on the average dally balance. The amount of interest earned for March is 35 h. Last year, one of Macison's top executives borrowed $4,100 from Madison, On March 24 . the executive pald $4,360 (\$4, 100 borrowed amount plus $260 interest) directly to the bank in payment for the borrowing. 1. The bank charged the following service fees. $31 for NSF check, $12 for an electronic funds transfer (EFT) for rent payment, for collection of the loan amount from the executive. Required: 1. Prepary a bank reconcillation to calculate the correct balance of cash on March 31
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