E$4-10$ On August $31,2024,$ the general ledger of the Dean Acting Academy shows a balance for cash of $$7,944.$ Cash receipts yet to be deposited into the checking account total $$3,338.$ The company's balance of cash does not reflect a debit card payment for the purchase of postage expense $($$$75)$ or an electronic funds transfer for rent expense $($$$1,500).$ The bank statement also revealed the company recorded a debit card transaction for supplies of $$400,$ but the actual amount was $$500.$ These amounts are included in the balance of cash of $$2,931$ reported by the bank as of the end of August.

Required:

Prepare a bank reconciliation to calculate the correct ending balance of cash on August $31,2024.$

Record the necessary entry$($ies$)$ to adjust the balance for cash.

Calculate the balance of cash using a bank reconciliation $($L$04-5)$