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 3/4 3/11 3/18 3/25 3/26- 3/31 Amount $ 1,100 1,200 4,300 3,400 2,800 $ 12,800 No. Date Checks: 541 3/2 542 3/8 543 3/12 544 3/19 545 3/27 Amount $ 5,500 900 2,500 1,500 400 Cash receipts: 546 547 3/28 3/30 500 1,100 $12,400 Balance on March 1 Receipts Disbursements Balance on March 31 $ 6,000 12,800 (12,400) $ 6,400 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 $7,295, b. Cash receipts of $2,800 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 $420 that did not clear the bank (NSF check), e. Check 543 was written for $3,100 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 $1,350. 9. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $57. h. Last year, one of Madison's top executives borrowed $4,300 from Madison. On March 24, the executive paid $4,580 ($4,300 borrowed amount plus $280 interest) directly to the bank in payment for the borrowing. 1. The bank charged the following service fees $38 for NSF check, $12 for automatic withdrawal for rent payment, and $22 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.) par,OyJVU interest directly to the bank in payment for the borrowing 1. The bank charged the following service fees $38 for NSF check $12 for automatic withdrawal for rent payment, and $22 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 Alter 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 lit 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 A B Record the entries that increase cash. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal