TB EX Qu. 4-181 Madison Company's cash ledger reports the... Madison Company's cash ledger reports the following for the month ending March 31. Deposits: Date Amount 3/4 $ 1,700 3/11 1,900 3/18 3,900 3/25 3,100 3/26-3/31_ 2,000 $ 12,600 No. Date Checks: 541 3/2 542 3/8 543 3/12 544 3/19 545 546 3/28 5473/30 Amount $ 5,600 500 2,200 1,100 400 800 1,400 $12,000 Cash receipts: 3/27 Balance on March 1 Receipts Disbursements Balance on March 31 $ 6,500 12,600 (12,000) $ 7,100 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 $8,759. b. Cash receipts of $2,000 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 $410 that did not clear the bank (NSF check). e. Check 543 was written for $2,800 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 $1,500. g. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $53. h. Last year, one of Madison's top executives borrowed $4,150 from Madison. On March 24, the executive paid $4,400 ($4,150 borrowed amount plus $250 interest) directly to the bank in payment for the borrowing. i. The bank charged the following service fees: $40 for NSF check, $16 for automatic withdrawal for rent payment, and $28 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 Checks outstanding Bank's Cash Balance Before reconciliation After reconciliation After reconciliation 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