You have been asked to prepare a reconciliation for the Jefferson Company. The March 31, 2023, bank statement and the March t-account for Cash showed the following (summarized): BANK STATEMENT Decreases Increases Balance Balance, March 1, 2023 $45,000 Deposits during March $50,000 95,000 Interest earned on the account 2,000 97,000 Checks cleared $49,000 48,000 NSF checkA. B. Wright 550 47,450 Bank service charges 50 47,400 Balance, March 31, 2023 47,400 Cash Beginning Balance 27,000 Checks written 49,000 Deposits 53,000 Additional information: 1. A comparison of checks written before and during March with the checks cleared through the bank showed outstanding checks at the end of March of $18,000 (including $8,000 written before March and $10,000 written during March). 2. There were no deposits in transit at the end of February, but a deposit was in transit at the end of March. Hint: it would be the difference between the $53,000 that the firm recorded as increases to cash during March less the $50,000 amount that the bank indicated as the total deposits in March.

1. Prepare a detailed bank reconciliation for the month of March. See page 311, exhibit 6.5, in the text for an example. There is an Excel workbook set up that you can use. Be sure to use the power of Excel to perform any and all calculations. 2. Provide any required adjusting journal entries as a result of the reconciliation. 3. What total amount of cash should be reported on the balance sheet at the end of March?