Venturi Office Supplies received a bank statement showing a balance of $73,047 as of March 31, 20X1. The firms records showed a book balance of $72,987 on March 31.

The difference between the two balances was caused by the following items.

1. A debit memorandum for $40, which covers the banks collection fee for the note (item 6).

2. A deposit in transit of $3,700.

3. A check for $348 issued by another firm that was mistakenly charged to Venturis account.

4. A debit memorandum for an NSF check of $4,643 issued by Wilson Construction Company, a credit customer.

5. Outstanding checks: Check 3782 for $1,250; Check 3840 for $141.

6. A credit memorandum for a $7,400 noninterest-bearing note receivable that the bank collected for the firm.

Required:

1. Prepare a bank reconciliation statement for the firm as of March 31.

2. Prepare the necessary journal entries for March 31, 20X1 from the statement.