Deposits: Cash receipts: Balance on March 1 Receipts Disbursements Balance on March 31 Date 3/4 3/11...

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Deposits: Cash receipts: Balance on March 1 Receipts Disbursements Balance on March 31 Date 3/4 3/11 3/18 3/25 3/26-3/31 Amount $ 1,600 1,100 Bank's Cash Balance Before reconciliation 3,500 3,900 2,200 $ 12,300 After reconciliation 5,900 12,300 (13,100) $ 5,100 $ No. Checks: 541 542 543 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 $6,843 b. Cash receipts of $2,200 from 3/26-3/31 are outstanding. c. Checks 545 and 547 are outstanding. 544 545 3/27 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 $3,500 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 $1,450. MADISON COMPANY Bank Reconciliation March 31 $ Date 3/2 3/8 3/12 3/19 546 3/28 547 3/30 g. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $51. h. Last year, one of Madison's top executives borrowed $4.250 from Madison. On March 24, the executive paid $4,540 ($4,250 borrowed amount plus $290 interest) directly to the bank in payment for the borrowing. 1. The bank charged the following service fees: $40 for NSF check, $17 for automatic withdrawal for rent payment, and $21 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.) Amount $ 5,900 400 2,900 1,300 700 700 1,200 $13,100 Before reconciliation 0 After reconciliation Company's Cash Balance. 0 After reconciliation View transaction list 2. Record the necessary cash adjustments.(If no entry is required for a transaction/event, select "No Jo first account field.) Journal entry worksheet < A $ B Transaction Record the entries that increase cash. Note: Enter debits before credits. 0 After reconciliation Record entry General Journal Clear entry Debit 0 Credit View general journal Deposits: Cash receipts: Balance on March 1 Receipts Disbursements Balance on March 31 Date 3/4 3/11 3/18 3/25 3/26-3/31 Amount $ 1,600 1,100 Bank's Cash Balance Before reconciliation 3,500 3,900 2,200 $ 12,300 After reconciliation 5,900 12,300 (13,100) $ 5,100 $ No. Checks: 541 542 543 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 $6,843 b. Cash receipts of $2,200 from 3/26-3/31 are outstanding. c. Checks 545 and 547 are outstanding. 544 545 3/27 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 $3,500 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 $1,450. MADISON COMPANY Bank Reconciliation March 31 $ Date 3/2 3/8 3/12 3/19 546 3/28 547 3/30 g. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $51. h. Last year, one of Madison's top executives borrowed $4.250 from Madison. On March 24, the executive paid $4,540 ($4,250 borrowed amount plus $290 interest) directly to the bank in payment for the borrowing. 1. The bank charged the following service fees: $40 for NSF check, $17 for automatic withdrawal for rent payment, and $21 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.) Amount $ 5,900 400 2,900 1,300 700 700 1,200 $13,100 Before reconciliation 0 After reconciliation Company's Cash Balance. 0 After reconciliation View transaction list 2. Record the necessary cash adjustments.(If no entry is required for a transaction/event, select "No Jo first account field.) Journal entry worksheet < A $ B Transaction Record the entries that increase cash. Note: Enter debits before credits. 0 After reconciliation Record entry General Journal Clear entry Debit 0 Credit View general journal

Answer rating: 100% (QA)

Prepare bank reconciliation as on March 31 as shown below Bank Rec... View the full answer