Record entries that increase cash

record entries that decrease cash

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 $ 1,700 1,300 4,300 4,000 2,200 No. Checks: 541 542 543 544 Date 3/2 3/8 3/12 3/19 Amount $ 5,900 600 2,000 1,100 Cash receipts: 545 3/27 300 $ 13,500 546 3/28 3/30 547 900 1,900 $12,700 Balance on March 1 Receipts Disbursements Balance on March 31 $ 5,900 13,500 (12,700) $ 6,700 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 $8,781. b. Cash receipts of $2,200 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 $490 that did not clear the bank (NSF check). e. Check 543 was written for $2,600 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 $1,200. g. Madison's checking account earns interest based on the average daily balance. The amount of interest earned for March is $56. h. Last year, one of Madison's top executives borrowed $4,150 from Madison. On March 24, the executive paid $4,390 ($4,150 borrowed amount plus $240 interest) directly to the bank in payment for the borrowing. 1. The bank charged the following service fees: $31 for NSF check, $15 for automatic withdrawal for rent payment, and $29 for collection of the loan amount from the executive. 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 1