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: -Book Date 3/4 3/11 3/18 3/25 3/26-3/31 Amount $ 1,800 1,600 4,00 3.980 2,300 $ 13,600 NO. Checks: 541 542 543 544 545 Cash receipts: Date Amount 3/2 $5,000 3/8 600 3/12 2,800 3/19 2,000 3/27 700 3/28 700 3/301 ,900 $13,700 Print 547 Balance on March 1 Recelpts Disbursements Balance on March 31 $ 5,900 13,600 (13,700) $ 5,800 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 $8,031 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 $480 that did not clear the bank (NSF check) e. Check 543 was written for $3.400 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 $1.300. g Madison's checking account earns interest based on the average daily balance. The amount of Interest earned for March is $59. h. Last year, one of Madison's top executives borrowed $4,050 from Madison On March 24. the executive paid $4,320 ($4,050 borrowed amount plus $270 interest) directly to the bank in payment for the borrowing The bank charged the following service fees: $30 for NSF check. $18 for automatic withdrawal for rent payment, and $20 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 reconciation Before reconciliation